E-commerce service provider Vets First Choice recently received $223 million to invest in growth and global prescription management, and promptly checked off both boxes when it purchased Arizona-based Roadrunner Pharmacy and Atlas Pharmaceuticals.
New York-based Clayton, Dubilier & Rice and Beijing-based Hillhouse Capital Group led the investment (and previously invested in Vets First Choice in 2015), along with Viking Global Investors, Wellington Management Co., Rock Springs Capital, and Sequoia Heritage, according to a company statement.
Details of the pharmacy acquisitions were not revealed.
Portland, Maine-based Vets First Choice also is busy doubling its employees from 400 to 800 as it continues to provide technology and support services to more than 20,000 veterinary practices, according to the company, which also has 16 distribution centers nationwide.
Vets First Choice seeks to solve the problem of veterinary clinics losing revenue to online retailers for medications and other supplies by offering outsourced online pharmacy services, allowing veterinarians to retain local customers while competing on price with online suppliers.
“[This] investment further supports Vets First Choice’s ability to create transformational value in helping veterinarians serve their patients better and build their practices more effectively,” said David Shaw, company co-founder and chairman.
Founded in 2010, it developed a platform that allows veterinarians to track medication and service compliance to close gaps in pet care, the company’s statement said. Using big data tools, the company can send reminders to renew medicines or special foods to either veterinarians or pet owners.
“Vets First Choice is a game-changer for veterinary practitioners,” said Ravi Sachdev, partner at Clayton, Dubilier & Rice, in the release. “We are providing groundbreaking technology and valuable insights to empower veterinarians to drive practice results and patient outcomes.”