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Q2 2022 Veterinary Services Update

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Q2 2022 Veterinary Services Update

The veterinary services space continues to exhibit consistent trends of consolidation driven by a sizeable and rapidly growing pet population.  Recent M&A activity within the industry has been characterized by the acquisitions of single-site, multi-vet care centers and hospitals by large platforms or strategic consolidators. The second quarter of 2022 was no exception as several small providers were targets of private equity rollup initiatives. With access to freely deployable private capital, these platforms continue to acquire small industry participants as they chase national scale.

While the frequency of single-site add-on acquisitions has accelerated over the last few years, a recent large-scale add-on caught the attention of the Federal Trade Commission. National Veterinary Associates’ June acquisition of SAGE Veterinary Centers resulted in the FTC ordering the group to divest several of its assets due to anti-competitive market share in certain regions. Although the deal was met by reluctancy, Provident is confident that deal volume within veterinary space will sustain its growth on the heels of increased demand for veterinary services and rising pet ownership rates.

To print and download the full Veterinary Services report, please click below…

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Sources: SEC Filings; Company Press Releases, and Reports; IBISWorld; Capital IQ; PHP Estimates and Research. This document has been compiled with publicly available information. Provident Healthcare Partners, LLC makes no guarantee of its accuracy or completeness. No data or statement should be construed to be a recommendation for the purchase, sale, or retention of any security.