M&A Deal Summary

Audax Private Equity Acquires Veterinary Practice Partners

On December 6, 2021, private equity firm Audax Private Equity acquired consumer services company Veterinary Practice Partners from Pamlico Capital

Acquisition Highlights
  • This is Audax Private Equity’s 2nd transaction in the Consumer Services sector.
  • This is Audax Private Equity’s 135th transaction in the United States.
  • This is Audax Private Equity’s 5th transaction in Pennsylvania.

M&A Deal Summary
Date 2021-12-06
Target Veterinary Practice Partners
Sector Consumer Services
Buyer(s) Audax Private Equity
Sellers(s) Pamlico Capital
Deal Type Secondary Buyout
Advisor(s) Cain Brothers & Co. LLC
William Blair (Financial)
Alston & Bird LLP (Legal)

Target

Veterinary Practice Partners

King of Prussia, Pennsylvania, United States
website
Veterinary Practice Partners veterinary practice management group and portfolio company that enables veterinarians to focus on providing high-quality care to patients and foster a strong culture at their individual hospital, while VPP provides operational support across learning and development, HR and recruiting, marketing, technology, and finance. VPP partners with veterinarians across more than 85 practices in over 20 states, caring for over 200,000 patients. Veterinary Practice Partners was established in 2011 and is based in King of Prussia, Pennsylvania.

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Buyer(S) 1

Buyer

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1999
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 140 of 153
Sector (Consumer Services) 2 of 4
Type (Secondary Buyout) 62 of 71
State (Pennsylvania) 5 of 5
Country (United States) 135 of 145
Year (2021) 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-02 Katena

Parsippany, New Jersey, United States

Katena is a provider of precision ophthalmic instruments and therapeutics to physician offices, hospitals, and surgical centers. Katena’s product offering includes precision surgical instruments, single-use devices, and specialty biologics that are sold into over 100 countries through a network of direct salespeople and distributors. Katena was founded in 1975 and is based in Parsippany, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-13 MNX Global Logistics

Long Beach, California, United States

MNX Global Logistics is a provider of express, supply chain, and freight services to customers primarily in the life sciences, entertainment, and aviation industries. MNX Global Logistics was founded in 1983 and is based in Long Beach, California.

Sell -

Seller(S) 1

SELLER

Pamlico Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1988
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Pamlico Capital is a private equity group focused on mid-sized transactions. Pamlico looks to invest $25 to $125 million per transaction. Sectors of interest include business and technology services, consumer products/services, industrial, energy, financial services, healthcare, media, and communications. Pamlico will consider both minority and majority positions. Prospective transactions include management or leveraged buyouts, recapitalizations, growth financings, mezzanine, and special situations. Pamlico was formerly known as Wachovia Capital Partners. The Firm was originally formed in 1988 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 56 of 61
Sector (Consumer Services) 1 of 1
Type (Secondary Buyout) 20 of 21
State (Pennsylvania) 4 of 4
Country (United States) 54 of 59
Year (2021) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-22 AVANT

Chicago, Illinois, United States

AVANT is a platform for IT decision-making and the nation’s premier distributor for next-generation technology. AVANT was founded in 2009 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-12 SpendHQ

Atlanta, Georgia, United States

SpendHQ provides procurement operations software platform. The company’s product suite includes spend analytics software and procurement performance management software. SpendHQ was founded in 2013 and is based in Atlanta, Georgia.

Buy -
Mergr

Product

Company

Legal