Private equity veterinary care deals show investor appetite for pet health

Private equity veterinary care activity has produced seven reported investments in the past six months, according to PE Hub, spanning US clinic platforms, mobile care and UK practice roll-ups. CT Acquisitions said longer pet lives, higher owner spending and advances in animal medicine are increasing demand for specialty and emergency veterinary services, a trend it said is also pushing deal multiples higher.

The deals show how financial sponsors and strategic buyers are targeting veterinary networks that can add clinics, broaden medical services or combine care with retail and pharmacy offerings. In veterinary services, a platform investment typically gives a sponsor a base company that can acquire smaller practices, centralise some back-office functions and expand clinical coverage while keeping local operations in place.

Why is private equity investing in veterinary care?

PE Hub cited a combination of ageing pets and greater medical complexity, including conditions such as cancer and diabetes, as a driver of demand for higher-acuity animal care. Investors are also being drawn to fragmented clinic ownership, where add-on acquisitions can expand a network across regions or service categories.

In July, VetnCare, a Northern California veterinary hospital group backed by Great Point Partners, acquired Holistic Veterinary Care in Oakland, California. Holistic Veterinary Care provides acupuncture and chiropractic services alongside conventional veterinary medicine. PE Hub reported that the transaction was VetnCare’s sixth acquisition since Great Point invested in the platform in 2022, and that founder Dr Gary Richter would remain as clinical director and a practicing veterinarian.

Also in July, Bond Vet completed its merger with Small Door Veterinary. Bond Vet, based in New York, is backed by Warburg Pincus and Talisman Capital Partners and offers primary, urgent, dental and surgical care for pets. Talisman invested in 2018, while Warburg Pincus invested $170 million in 2021, according to PE Hub.

Small Door Veterinary, also based in New York, operates a membership model covering primary care, routine preventive care, advanced dentistry and surgery, with 24/7 telemedicine and transparent pricing. PE Hub identified Valspring Capital, Primary Venture Partners and Lerer Hippeau as backers. The combined company will operate more than 55 clinics across major Northeast, Mid-Atlantic and Midwest markets and employ more than 1,000 staff, including more than 170 veterinarians.

In late May, Tractor Supply Company acquired VIP Petcare Veterinary Services from PetIQ, a portfolio company of Bansk Group. Tractor Supply, headquartered in Brentwood, Tennessee, said in a press release that it had 2,435 Tractor Supply stores in 49 states and 206 Petsense by Tractor Supply stores in 23 states as of March.

VIP Petcare, based in Eagle, Idaho, runs community clinics in about 2,700 retail locations across 39 states and serves more than one million pets annually, according to the release. Its footprint includes 1,700 Tractor Supply locations. PetIQ invested in VIP Petcare in 2018, and Bansk took PetIQ private in a $1.5 billion transaction in 2024, PE Hub reported. The acquisition links VIP Petcare’s in-store clinics and 24/7 vet access with Allivet, Tractor Supply’s online pharmacy division.

In the UK, Vetopia, a European veterinary group backed by Axcel, acquired four practices in May: The London Cat Clinic in Bermondsey, Grace Lane Vets in Kirkbymoorside, Midsomer Vets in Radstock and Orchard House Vets, with practices in Hexham, Stocksfield and Bellingham. Axcel established Denmark-based Vetopia in 2021, and the group had more than 200 practices across nine countries as of May, according to the company’s press release cited by PE Hub.

This story draws on original reporting from PE Hub.