Warburg Pincus and Great Point press private equity’s vet care push
Veterinary services and medical workforce technology are drawing private equity as demand rises for specialty care and staffing tools.
By Amanda Ross · Deals Correspondent
· 4 min read
Warburg Pincus vet care exposure is expanding through Bond Vet’s completed merger with Small Door Veterinary, while Great Point Partners-backed VetnCare has added another veterinary hospital in California. PE Hub reported that private equity interest in veterinary services is being supported by longer pet lifespans, rising age-related conditions and stronger demand for specialty and emergency care.
The activity sits alongside another healthcare services transaction: Knox Lane has closed a $437 million all-cash acquisition of Cross Country Healthcare, a Boca Raton, Florida-based company that provides staffing services, strategies and technologies for medical workforces, according to PE Hub.
Why is private equity investing in veterinary care?
PE Hub reported that owners are spending more on pet health and that advances in animal medicine are helping pets live longer. CT Acquisitions said more complex conditions, including cancer and diabetes in older animals, are increasing demand for specialty and emergency veterinary care and contributing to higher deal multiples in the subsector.
Private equity firms including Warburg Pincus, Great Point Partners and Axcel have pursued assets in the veterinary care market, according to PE Hub. The investment case described by PE Hub centers on growing demand for services that go beyond routine primary care, including emergency treatment, surgery, dentistry, rehabilitation and specialty medicine.
In July, VetnCare, a Northern California veterinary hospital group backed by Great Point Partners, announced the acquisition of Holistic Veterinary Care. The Oakland, California-based hospital provides holistic medicine and rehabilitation services, including acupuncture and chiropractic care, alongside conventional veterinary medicine.
Holistic Veterinary Care is also based in Oakland. PE Hub reported that the acquisition is VetnCare’s sixth since Great Point Partners invested in the platform in 2022. Dr Gary Richter, who founded Holistic Veterinary Care, will remain with the business as clinical director and as a practicing veterinarian.
Bond Vet, backed by Warburg Pincus and Talisman Capital Partners, also announced in July that it had completed a merger with Small Door Veterinary. Small Door is backed by Valspring Capital, Primary Venture Partners and Lerer Hippeau, according to PE Hub.
Bond Vet is based in New York and provides primary, urgent, dental and surgical services for pets. Talisman Capital invested in the company in 2018, while Warburg Pincus invested $170 million in 2021, PE Hub reported.
Small Door Veterinary, also based in New York, operates a membership model covering primary care, preventive care, advanced dentistry and surgery, as well as 24/7 telemedicine and transparent pricing. PE Hub reported that Valspring Capital invested in Small Door in 2025, while Primary Venture Partners and Lerer Hippeau backed the company in 2019.
The combined Bond Vet and Small Door organization will operate more than 55 clinics in major Northeast, Mid-Atlantic and Midwest markets, with plans to open more sites. It will employ more than 1,000 staff, including more than 170 veterinarians, according to PE Hub.
What did Knox Lane buy in medical workforce technology?
Knox Lane closed its $437 million acquisition of Cross Country Healthcare after the all-cash agreement was announced in May, PE Hub reported. Cross Country Healthcare provides workforce services and uses predictive AI to address staffing and workforce management challenges, along with analytics that track workforce performance and satisfaction.
Healthcare staffing companies focused on specific clinical specialties have attracted private equity interest, according to PE Hub, with behavioral health and radiology cited as high-margin areas. Investors are also seeking cloud and AI-based tools that help monitor labor needs and plan workforce capacity, which PE Hub said carry less regulatory and reimbursement risk than provider organizations.
As part of the Cross Country transaction, Knox Lane portfolio company All Star Healthcare Solutions acquired Cross Country Healthcare’s locums division. Locums staffing refers to temporary clinical placements used by healthcare organizations to fill coverage gaps, including shortages or periods of elevated demand.
Separately, PE Hub reported that more veterinary services transactions are pending. Zoetis agreed in July to acquire VitalRads, a Cypress, Texas-based veterinary teleradiology and mobile ultrasound services platform, from Thrive Pet Healthcare, which is backed by TSG Consumer Partners. That transaction is expected to close in the third quarter.
This story draws on original reporting from PE Hub.
