M&A Deal Summary

Varsity Healthcare Partners Acquires VetEvolve

On October 18, 2023, private equity firm Varsity Healthcare Partners acquired consumer services company VetEvolve from Align Capital Partners and PNC Erieview Capital

Acquisition Highlights
  • This is Varsity Healthcare Partners’ 1st transaction in the Consumer Services sector.
  • This is Varsity Healthcare Partners’ 19th transaction in the United States.
  • This is Varsity Healthcare Partners’ 1st transaction in Virginia.

M&A Deal Summary

Date 2023-10-18
Target VetEvolve
Sector Consumer Services
Buyer(s) Varsity Healthcare Partners
Sellers(s) Align Capital Partners
PNC Erieview Capital
Deal Type Secondary Buyout
Advisor(s) Lincoln International (Financial)
Calfee, Halter & Griswold (Legal)

Target

VetEvolve

Richmond, Virginia, United States
VetEvolve is a multi-location veterinary practice management platform providing its partner clinics differentiated partnership solutions and comprehensive services that free them up to focus on patient care. Its partner clinics provide general veterinary, emergency, boarding and daycare services to companion animals. VetEvolve is based in Richmond, Virginia.

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Buyer(S) 1

DESCRIPTION

Varsity Healthcare Partners is a specialist private equity firm focused on the healthcare sector. Varsity seeks companies that solve fundamental problems for the healthcare industry with a focus on multi-site providers and critical outsourced services to providers and payors. Prospective companies are profitable with $5 to $15 million of EBITDA and are typically founder owned. Varsity Healthcare Partners was formed in 2012 and has offices in Los Angeles, California and Stamford, Connecticut.


DEAL STATS #
Overall 19 of 19
Sector (Consumer Services) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Virginia) 1 of 1
Country (United States) 19 of 19
Year (2023) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-19 United Aesthetics Alliance

United States

United Aesthetics Alliance is a provider of cosmetic plastic surgery and non-invasive medical spa services comprised of board-certified plastic surgeons and premier injectors and estheticians. The platform is highly clinically oriented and focuses on the premium aesthetics market.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-13 Angels of Care Pediatric Home Health

Sherman, Texas, United States

Angels of Care Pediatric Home Health is a provider of long-term home health services to pediatric patients with complex medical conditions and employs over 3,000 clinicians across 18 locations. The company provides high-quality private duty nursing care, skilled therapy, and other home health services to patients in Texas and Colorado. Angels of Care Pediatric Home Health was founded in 2000 and is based in Sherman, Texas.

Sell -

Seller(S) 2

SELLER

Align Capital Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2016
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Align Capital Partners is a private equity firm focused on growth-oriented companies with recurring products and services. Align will consider companies with $3 to $15 million of EBITDA headquartered in the US or Canada. Sectors of interest include aerospace, defense, medical products, energy services, business services, chemicals, packaging, building materials, transportation, utility products/services, niche manufacturing, and value-added distributors. Align Capital Partners is based in Dallas, Texas.


DEAL STATS #
Overall 8 of 9
Sector (Consumer Services) 1 of 1
Type (Secondary Buyout) 3 of 3
State (Virginia) 1 of 1
Country (United States) 8 of 9
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-15 Global Guardian

McLean, Virginia, United States

Global Guardian is a security and duty-of-care solutions provider that provides its clients with a comprehensive suite of safety and security services. Its capabilities include personnel tracking supported by a dedicated 24-hour Operation Center, a full range of security and executive protection services, medical support and transportation, travel intelligence and emergency response and evacuation services in over 65 markets globally. Global Guardian is based in McLean, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-24 Counsel Press

New York, New York, United States

Counsel Press is a provider of preparing, filing, and serving appeals in state and federal appellate courts nationwide and several international tribunals through its experienced staff of attorneys, appellate consultants and appellate paralegals. Counsel Press was founded in 1938 and is based in New York City.

Buy -
DESCRIPTION

PNC Erieview Capital is a provider equity and junior capital to middle-market companies throughout the US and Canada. The Firm looks to support private equity sponsor-led buyouts and recapitalizations, non-sponsored buyouts, family office buyouts, and growth equity needs. PNC Erieview typically works with profitable companies (EBITDA greater than $5 million) valued from $20 to $250 million. Areas of interest include distribution, consumer products, healthcare, manufacturing, and services. The Firm was originally known as National City Equity Partners and was established in 1979. PNC Erieview Capital is based in Cleveland, Ohio.


DEAL STATS #
Overall 13 of 14
Sector (Consumer Services) 1 of 1
Type (Secondary Buyout) 7 of 7
State (Virginia) 1 of 1
Country (United States) 13 of 14
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-25 Atlas Clinical Research

Durham, North Carolina, United States

Atlas Clinical Research specializes in infectious disease, CNS, gastroenterology, cardiovascular, metabolic, and general medicine and plans to expand across the United States to reach a broad and diverse population of waiting patients. Atlas Clinical Research is based in Durham, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-09 Plimpton & Hills

Meriden, Connecticut, United States

Plimpton & Hills is focused on the distribution of HVAC and Plumbing products across the Northeast. Plimpton & Hills is based in Meriden, Connecticut.

Buy -