Industry Dynamics in Veterinary Services


Veterinary services is one of the most exciting and dynamic consolidation plays in healthcare. Robust industry fundamentals, high-levels of clinic and hospital fragmentation, and a large and sophisticated buyer universe have formed a market that is highly advantageous for practice owners looking to explore a transaction. Although veterinary services has already consolidated quite a bit in the past five years, the industry is rapidly evolving and will evolve considerably over the next 5-10 years.

M&A and Investment Implications:

Veterinary medicine is entering its second decade of consolidation and the pace is accelerating. There are now over 50 private equity-backed platforms actively consolidating practices in the industry and multiple case studies of successful sponsor exits, which increases investment in the industry and emboldens new private equity entrants. With a very deep pool of buyers vying for a finite number of suitable acquisition targets, the resulting competition to acquire attractive practices has driven practice purchase prices to record levels. Numerous well-financed buyers willing to pay robust values will continue to accelerate the pace of consolidation as the U.S. follows the consolidation cycle evident in the European veterinary services market.

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