CareVet Closes on Credit Facility with BDT & MSD Partners to Fund Future Growth

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Jul 09, 2024, 09:00 ET

ST. LOUIS, July 9, 2024 /PRNewswire/ -- CareVet, a network of 200 veterinary hospitals across more than 35 states, today announced it has closed on a new credit facility with funds managed by BDT & MSD Partners, a merchant bank built to serve the distinct needs of business owners and strategic, long-term investors. This strategic move is designed to support CareVet's continued growth and provides significant incremental capital for continued expansion efforts. This credit facility positions CareVet, a portfolio company of Compass Group Equity Partners, to better capitalize on market opportunities and further strengthen its presence within the veterinary industry.

"We're excited to have this completed and provide the fuel for the next chapter of CareVet," said Greg Siwak, CEO of CareVet. "Our partnership with BDT & MSD enables us to accelerate our growth trajectory and expand our footprint even more aggressively."

"CareVet is a fast-growing, founder-led company, and we are thrilled to support its next phase of growth," said Simon Crocker, Managing Director, BDT & MSD. "Led by our local St. Louis team, this transaction reflects our commitment to providing creative financing solutions to our lending partners in an important U.S. market."

Since its launch in 2018, CareVet has experienced substantial growth. The veterinary practice management group's network has grown to more than 2,500 Team Members across their locations. The collaboration with BDT & MSD marks a significant milestone in CareVet's journey, paving the way for continued success.

About CareVet:

CareVet is a leading operator of veterinary hospitals across 35+ states with more than 2,500 Team Members. Founded in 2018 by Dr. Kent Thornberry, a DVM who built and grew two of his own veterinary hospitals before selling them to two separate veterinary practice management groups and Greg Siwak, a highly regarded entrepreneur. Together, they felt there was a better operating model for hospitals anchored in a deep commitment and investment in the teams that serve their clients and pets. CareVet is privately held and headquartered in St. Louis, Missouri. It can be visited at CareVetHealth.com and followed on LinkedIn at @CareVet-Health and Facebook at @CareVetHealth.

About BDT & MSD Partners

BDT & MSD Partners is a merchant bank with an advisory and investment platform built to serve the distinct needs of business owners and strategic, long-term investors. The firm is distinguished by its decades of experience advising at the intersection of founders, families, and businesses, as well as by its differentiated capital base and culture of aligned investing. Its funds are managed by its affiliated investment advisors, BDT Capital Partners and MSD Partners.

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SOURCE CareVet