CVC Credit is pleased to announce that it recently provided $65.5 million in loan facilities and equity to support the refinancing of PetVet Care Centers (“PetVet”), a leading national network of veterinary hospitals in the US and portfolio company of KKR, the leading global investment firm.
Headquartered in Westport, Connecticut, PetVet operates more than 450 general practice, speciality, emergency, and equine veterinary hospitals in 40 states. The company’s full-service, integrated approach is designed to provide high quality care to pet owners while supporting the clinical autonomy and business growth needs of veterinary professionals who partner with PetVet.
Molly Moore, Managing Director at CVC Credit, commented: “We are thrilled to support PetVet’s growth as it continues to pursue attractive consolidation opportunities in the highly fragmented pet health and wellness market, in partnership with skilled veterinary professionals. We believe that attractive secular tailwinds including increased pet ownership, greater awareness about the importance of pet wellness, coupled with longer pet lifespans and PetVet’s recurring revenue streams, will continue to drive expansion of this high quality national veterinary care platform.”
This transaction is a testament to the compelling execution capabilities, competitive rate and financings our Capital Solutions business has provided to growing businesses in North America and Europe this year.Caroline Benton
Caroline Benton, Partner at CVC Credit, added: “This transaction is a testament to the compelling execution capabilities, competitive rate and financings our Capital Solutions business has provided to growing businesses in North America and Europe this year. We are also delighted to strengthen our relationship with leading sponsor KKR further as they continue to grow and develop this excellent business.”