Prospect Partners has sold its interest in Innovetive Petcare, of Cedar Park, Texas, to Metalmark Capital. Innovetive Petcare, an operator of veterinary hospitals for companion animals, had been a portfolio company of Prospect Partners’ third fund, Prospect Partners III, L.P., since 2015.
Innovetive Petcare was formed by Prospect Partners and two outside operating executives, animal health industry veterans Mark Ziller and Paul Covill, to acquire and operate specialty/emergency and general practice veterinary clinics throughout the Southeast and Texas. The company provides a suite of professional back-end business management services to support clinic operations and growth, allowing veterinarians and their staff to focus on implementing the best practices in management and animal care.
“Innovetive Petcare is an exciting player in the fast-growing veterinary care industry,” said Brad O’Dell, a principal of Prospect Partners. “In less than four years, the company created a strong and scalable buy-and-build platform poised for long-term growth in an attractive market. It acquired well-respected practices, expanded service offerings and capacity, provided extensive back-office support, and made key management hires.”
Innovetive Petcare now operates 13 clinics in five states, having successfully completed eight acquisitions, opened two new clinic locations, built a talented corporate management team, and launched a continuous learning platform for recruitment and training. That executive team remains fully in place following the sale transaction.
“We have been fortunate to work with Innovetive Petcare’s deeply experienced and passionate operating team to support the achievement of significant growth initiatives, which resulted in strong performance for the company,” said Rick Tuttle, a founding principal of Prospect Partners.
“From Day One, Prospect Partners trusted in our vision and ability to develop a premier veterinary hospital network,” said Mark Ziller, Innovetive Petcare’s President and CEO. “They supported us every step of the way as a true partner that provided the financial and strategic support we needed to successfully acquire our initial clinics, invest in their growth, and create a great business and strong brand. We look forward to continuing our platform’s growth uninterrupted with our new investor-partners.”