MedVet Receives Financing to Support Continued Growth in Specialty Healthcare for Pets

Veterinarian led and owned, MedVet plans to expand delivery of specialty and emergency veterinary care

/EIN News/ -- WORTHINGTON, Ohio, June 25, 2024 (GLOBE NEWSWIRE) -- MedVet LLC, a leading provider of emergency and specialty veterinary care, today announced that it has received a minority capital investment from Leonard Green & Partners, L.P. (LGP) and a senior term loan from Oak Hill Advisors (OHA). Huntington Bank will continue to provide Treasury and cash management services. These investments will help MedVet accelerate its next stage of growth expanding delivery of specialty and emergency veterinary care, provide minority shareholders a successful exit from their 2019 investment, and provide partial liquidity for some of MedVet’s employee owners.

“As the largest veterinarian owned and led organization in the U.S., MedVet is dedicated to delivering the most comprehensive and collaborative specialty healthcare for pets. We are pleased to have the support of Alyse Wagner, Andrew Lee, and the LGP team as we grow to serve more communities while continuing to provide a liquid investment to our owners, 95% of whom are current or retired doctors and employees,” said Dr. Linda Lehmkuhl, a veterinary cardiologist, and Chief Executive Officer of MedVet.

MedVet plans to continue expanding its network of specialty and emergency hospitals to serve more pets throughout the United States, while providing a compelling environment for their caregivers to build long-term careers in service of the human-animal bond.

“We have long viewed veterinary medicine as an attractive sector and are excited to provide capital to support MedVet’s next phase of growth in serving pets who need their care. MedVet is the premier network of emergency and specialty hospitals and has all the attributes we look for in an investment. They are an organization with a best-in-class management team, a differentiated culture, and a long and consistent track record of success— not to mention a tremendous opportunity for growth,” said Alyse Wagner, Partner at LGP.

Deal terms were not disclosed. William Blair & Company acted as the exclusive financial advisor to MedVet and Ice Miller LLP acted as legal counsel.

About MedVet
MedVet is the largest independent veterinarian owned and led network of specialty and emergency hospitals dedicated to delivering exceptional care and a deeply supportive experience to pets and their loving families, referring veterinarians, and their caregivers. For nearly 40 years, the organization’s empathetic, insightful, and driven team of expert caregivers has helped MedVet become the preferred choice for high-quality, compassionate care; proudly providing more than 500,000 patient visits each year in communities throughout the United States. You can learn more about MedVet by visiting medvet.com.

About LGP
Leonard Green & Partners, L.P. (“LGP”) is a leading private equity investment firm founded in 1989 and based in Los Angeles with over $75 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has completed over 150 investments in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare, and business services, as well as distribution and industrials. For more information, please visit leonardgreen.com.

About OHA
Oak Hill Advisors (“OHA”) is a leading global credit-focused alternative asset manager with over 30 years of investment experience. The firm manages approximately $63 billion of capital across credit strategies. With more than 400 experienced professionals across six global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ – GS: TROW). For more information, please visit oakhilladvisors.com.

About Huntington
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $194 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates approximately 970 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.

Media Contact:
                    Sarah Berger
                    CCMO, Marketing
                    Email: sarah.berger@medvet.com