M&A Deal Summary

KKR Acquires PetVet Care Centers

On December 27, 2017, private equity firm KKR acquired consumer services company PetVet Care Centers from Ontario Teachers Pension Plan and Golub Capital

Acquisition Highlights
  • This is KKR’s 5th transaction in the Consumer Services sector.
  • This is KKR’s 111th transaction in the United States.
  • This is KKR’s 2nd transaction in Connecticut.

M&A Deal Summary
Date 2017-12-27
Target PetVet Care Centers
Sector Consumer Services
Buyer(s) KKR
Sellers(s) Ontario Teachers Pension Plan
Golub Capital
Deal Type Secondary Buyout
Advisor(s) Jefferies (Financial)
Weil Gotshal & Manges (Legal)

Target

PetVet Care Centers

Westport, Connecticut, United States
PetVet Care Centers is an operator and consolidator of specialty veterinary hospitals and general practice veterinary clinics. With over 600 general veterinarians and board-certified specialists, ranging from emergency critical care to cardiology and orthopedic surgery. PetVet Care Centers was founded in 2012 and is based in Westport, Connecticut.

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Buyer(S) 1

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 260 of 483
Sector (Consumer Services) 5 of 11
Type (Secondary Buyout) 51 of 107
State (Connecticut) 2 of 2
Country (United States) 111 of 210
Year (2017) 41 of 41
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-27 BIS Industries

Sydney, Australia

BIS Industries is a provider of specialized logistics and materials handling solutions for the world’s biggest mining and resource companies. BIS Industries is based in Sydney, Australia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Headlands Research

Corte Madera, California, United States

Headlands Research is a globally integrated site organization with a mission of profoundly impacting the clinical trials process. Headlands Research is comprised of the highest quality dedicated and embedded research centers across North America. Headlands Research was formed in 2018 and is based in Corte Madera, California.

Buy -

Seller(S) 2

SELLER

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.

DEAL STATS #
Overall 36 of 72
Sector (Consumer Services) 1 of 3
Type (Secondary Buyout) 10 of 20
State (Connecticut) 1 of 2
Country (United States) 19 of 38
Year (2017) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-19 Flexera

Itasca, Illinois, United States

Flexera is a provider of strategic software solutions for application usage management. The Company's solutions help clients deliver continuous compliance optimized usage and maximized value to application producers and their customers. Flexera was founded in 1987 and is based in Itasca, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-07 Heartland Dental

Effingham, Illinois, United States

Heartland Dental is a dental support organization, providing non-clinical administrative support services to over 840 offices and more than 1,300 supported dentists across 35 states. Heartland Dental partners with its supported dentists to deliver high quality care across the full spectrum of dental services. Heartland Dental was founded in 1997 and is headquartered in Effingham, Illinois.

Sell -
SELLER

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.

DEAL STATS #
Overall 13 of 41
Sector (Consumer Services) 1 of 4
Type (Secondary Buyout) 7 of 19
State (Connecticut) 3 of 3
Country (United States) 13 of 39
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-08 Statlab Medical Products

McKinney, Texas, United States

Statlab Medical Products is a developer and manufacturer of cost-effective histology, cytology, and immunohistochemistry diagnostic supplies. StatLab offers 1,750 of the most commonly purchased diagnostic supplies used by independent and hospital-based anatomic pathology laboratories. Statlab Medical Products was founded in 1976 and is based in McKinney, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-06 Tate’s Bake Shop

Southampton, New York, United States

Tate’s is a premium, consumer branded producer of gourmet cookies and other baked goods marketed throughout the United States. Tate’s has been one of the fastest growing biscuit brands in the United States over the last 12 months. The brand’s sales have quadrupled over the past five years. Tate’s Bake Shop is the home of America’s top-rated chocolate chip cookie, available at grocery stores, gourmet shops and natural food stores nationwide, as well as online.

Sell $500M
Mergr

Product

Company

Legal