Street Talk

Cat out of the bag: $104 million-a-year VetPartners sends sale flyer

Sarah Thompson, Kanika Sood and Emma Rapaport

Aug 7, 2023 – 5.45pm

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One of the country’s largest veterinary chains, VetPartners, is on the market – the latest in an industry that’s been rapidly consolidating and increasingly of interest to institutional investors.

And VetPartners is already a big fish in the sector, along with TPG Capital-backed Greencross in terms of market share. Street Talk can reveal its owner, National Veterinary Associates, the largest private owner of freestanding veterinary hospitals in the United States, has called in Jefferies to market the company. Of note, it is understood to be Jefferies’ New York bankers running the show.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com