National Veterinary Associates, the owner of 244 hospitals in 39 states, is being sold to a private equity fund for an undisclosed price.
Summit Partners, a Boston-based investment company, will transfer its holdings in National Veterinary Associates to Ares Management of Los Angeles. The chain’s senior managers will retain a minority stake, Ares reported Thursday.
National Veterinary Associates, which was founded in 1996 by Stanley R. Creighton, DVM, Dipl. ACVIM, bills itself as the largest private owner of independent freestanding veterinary hospitals in the United States. The hospitals enjoy considerable freedom in how they operate and keep their original names, such as Countryside Pet Clinic in Andover, Kan., and Martin Downs Animal Hospital in Palm City, Fla.
“As part of its mission, [National Veterinary Associates] provides the tools and resources for its veterinarians to deliver high-quality care and client services that cater to the needs of its hospitals’ local communities,” Ares reported.
When he began acquiring independent hospitals, Dr. Creighton believed that “veterinary medicine is best practiced when veterinarians craft their own hospital and community-specific strategies,” National Veterinary Associates states on its website.
The chain is headquartered in Agoura Hills, Calif.
Bennett Rosenthal, co-founder of the Private Equity Group at Ares, said the purchase “is consistent with our strategy of partnering with best-in-class management teams.”
“We look forward to supporting the next phase of the company’s growth,” Rosenthal said.
The transaction is expected to close this summer.