Q3-2018 Veterinary Services Update

The Veterinary Services market has continued to see evolving market consolidation as many veterinary companies begin to feel the pressure from large private equity backed consolidators building out regional platforms and impeding on market share. Although market consolidation is a relatively new phenomenon in the sector, the animal health market follows similar patterns and consolidation drivers seen throughout healthcare services. From the demand side, the veterinary service sector is benefiting from increased consumer spending and a greater number of household pets. To take advantage of this growth providers consider taking on risk mitigated capital to expand beyond personal guaranteed debt. Many groups are opting to align with established platforms such as Southern Veterinary Partners & VetCor who are growing through acquisition or become platforms of their own. Provident Healthcare Partners anticipates seeing increased consolidation activity due to heavy market fragmentation and high valuations.

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Sources: SEC Filings; Company Press Releases, and Reports; IBISWorld; Capital IQ; PitchBook; 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.


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