January 11, 2012
Veterinary practice management company Veterinary Practice Partners entered its second phase of development with its first acquisition and has two more potential deals in the works, including one likely to close during the first quarter.
The Bryn Mawr, Pa., company acquired Sangaree Animal Hospital of Summerville, S.C., in September, and according to CEO Rich Lester, the transition has been relatively smooth.
“In many acquisitions, there is a lot of uncertainty among staff,” Lester said. “Our approach is to try to quell that.”
The staff at Sangaree remains unchanged, and former owner Kevin McGinn, DVM, is a part owner. Most of the changes have taken place behind the scenes, including changes to bill paying, creating financial statements and getting vendor contracts in place The next step will involve rolling out new marketing initiatives to grow the top line of the business, Lester said.
“We are always learning things, and with each deal, each acquisition or partnership, the transition will get better and better,” Lester said. “This one has gone reasonably well.”
Lester said another hospital has signed a letter of intent with VPP. He expects to close the deal in the first quarter of this year, and a second deal is “moving along very rapidly.”
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