M&A Deal Summary

VCA Acquires Healthy Pet

On June 1, 2007, VCA acquired healthcare services company Healthy Pet from Convergent Capital Partners, Quabbin Capital, L Catterton Partners and Caltius Structured Capital for 153M USD

Acquisition Highlights
  • This is VCA’s 2nd transaction in the Healthcare Services sector.
  • This is VCA’s 2nd largest (disclosed) transaction.
  • This is VCA’s 3rd transaction in the United States.
  • This is VCA’s 1st transaction in Connecticut.

M&A Deal Summary
Date 2007-06-01
Target Healthy Pet
Sector Healthcare Services
Buyer(s) VCA
Sellers(s) Convergent Capital Partners
Quabbin Capital
L Catterton Partners
Caltius Structured Capital
Deal Type Add-on Acquisition
Deal Value 153M USD

Target

Healthy Pet

Shelton, Connecticut, United States
website
Healthy Pet Corp. is an operator of veterinary hospitals in the eastern United States.

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Buyer(S) 1

Buyer

VCA

Los Angeles, California, United States

website

Category Company
Founded 1986
Sector Consumer Services
Employees11,500
Revenue 2.1B USD (2015)
DESCRIPTION
VCA's corporate headquarters in Los Angeles, California.
VCA's corporate headquarters in Los Angeles, California.

VCA, Inc. is an animal healthcare company operating in the United States and Canada. VCA provides veterinary services and diagnostic testing to support veterinary care, sells diagnostic imaging equipment and other medical technology products and related services to the veterinary market and provide various communication, marketing solutions and other services to the veterinary community. VCA provides pharmaceutical products and performs a variety of pet wellness programs including health examinations, diagnostic testing, routine vaccinations, spaying, neutering and dental care. VCA, Inc. was formed in 1986 and is based in Los Angeles, California.

DEAL STATS #
Overall 3 of 8
Sector (Healthcare Services) 2 of 4
Type (Add-on Acquisition) 2 of 6
State (Connecticut) 1 of 1
Country (United States) 3 of 8
Year (2007) 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-23 Pet s Choice

Bellevue, Washington, United States

Pet's Choice, Inc. is an owns and operator of 46 animal hospitals in five states.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-01 Firehouse Animal Health Centers

Denver, Colorado, United States

Firehouse Animal Health Centers is a provider of veterinary care. The company's two animal hospitals in the Denver metropolitan use a unique service model that is both profitable and attractive to customers seeking superior medical care for their pets.

Buy -

Seller(S) 4

SELLER

Convergent Capital Partners

Investor Investor Investor

website

Category Growth Capital Firm
Founded 1999
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Convergent Capital is a private investment firm that provides growth and debenture financing to late-stage growth companies. Convergent prefers to commit $3 to $12 million per transaction in businesses with at least $10 million in revenues. Convergent is a generalist investor and will consider businesses in a wide range of industries. Investment funds are typically used to assist growth, but the firm can also structure investments around buyouts, recapitalizations, consolidations, and add-on acquisitions. Convergent is licensed as a SBIC. Convergent Capital was formed in 1999 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 10 of 42
Sector (Healthcare Services) 1 of 3
Type (Add-on Acquisition) 1 of 13
State (Connecticut) 1 of 1
Country (United States) 10 of 42
Year (2007) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-12 BSI

Delray Beach, Florida, United States

Best Security Industries, Inc. is a manufacturer and distributor of compatible electronic article surveillance products (EAS) tags, labels, and systems that retailers install to prevent shoplifting. Best Security Industries was founded in 1987 and is based in Delray Beach, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 United Record Pressing

Nashville, Tennessee, United States

United Record Pressing, LLC is a provider of services relating to record production including vinyl record pressing, plating, lacquer mastering, jacket and label printing, packaging, and fulfillment.

Buy -
SELLER

Quabbin Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor

website

Category Asset Manager
Founded 1974
Size Small
Type Sector Agnostic
DESCRIPTION

Quabbin Capital is private investment group focused on alternative asset investments in the US and abroad. Quabbin looks for opportunities in private equity, mezzanine loans, venture capital, energy, real estate, and hedge funds. Within private equity, Quabbin pursues equity and junior capital investments in established, profitable manufacturing or business service companies with revenues of $10 to $50 million. Quabbin Capital was formed in 1974 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 2 of 7
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 2 of 5
State (Connecticut) 1 of 1
Country (United States) 2 of 7
Year (2007) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 Dan-Loc Group

Houston, Texas, United States

Dan-Loc Group is a manufacturer and distributor of superior quality stud bolts and metal gaskets used primarily in the energy industry. Dan-Loc Group was founded in 1961 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-05-18 SouthWaste Disposal

Houston, Texas, United States

SouthWaste Disposal is a provider of non-hazardous liquid waste collection, processing and disposal services. SouthWaste Disposal provides grease trap and commercial septic waste collection, cleaning, and maintenance services for over 4,600 customers across its footprint of five permitted processing and disposal facilities in Texas and Florida. SouthWaste Disposal was founded in 2005 and is based in Houston, Texas.

Buy -
SELLER

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

website

Category Growth Capital Firm
Founded 1989
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

L Catterton is a private equity firm that targets investments in consumer-related companies located throughout North America. L Catterton looks for businesses with identifiable brands and operating in 'defensible and extensible' positions within growth industry segments. Specific sectors of interest include branded consumables, food/beverages, consumer services, restaurants, media and marketing, household durables, specialty retail, mass merchant retail, and luxury/apparel. Prospective transactions include management buyouts, recapitalizations, turnarounds, and growth financings. L Catterton was formed in 1990 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 12 of 95
Sector (Healthcare Services) 1 of 6
Type (Add-on Acquisition) 4 of 42
State (Connecticut) 2 of 5
Country (United States) 12 of 72
Year (2007) 2 of 3
Size (of disclosed) 9 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-01 Case Logic Wireless

Longmont, Colorado, United States

Case Logic Wireless, Inc. is a designer and marketer of storage products and accessories for the audio, computer, photo/video, DVD, automotive and recreational markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-18 Reliance Protectron Security Services

Edmonton, Alberta, Canada

Reliance Protectron Security Services is a provider of home and business security systems serving 77,000 customers in Canada.

Sell -
SELLER

Caltius Structured Capital

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1997
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Caltius Structured Capital is an investment firm focused on providing junior debt and minority equity to lower middle-market companies throughout North America. The Firm looks to invest between $7 to $50 million in companies with revenues of $15 to $250 million. The Firm pursues a variety of transaction types, including management buyouts, growth financings, and acquisition financings. Sectors of interest include business services, consumer products/services, healthcare services, manufacturing, tech-enabled services, and staffing. Caltius Structured Capital was formed in 1997 and is based in Los Angeles, California.

DEAL STATS #
Overall 9 of 32
Sector (Healthcare Services) 2 of 4
Type (Add-on Acquisition) 3 of 10
State (Connecticut) 1 of 1
Country (United States) 9 of 32
Year (2007) 3 of 4
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-08 Scientech

Idaho Falls, Idaho, United States

Scientech provides a broad range of technical services and proprietary products to meet the outsourcing needs of nuclear power plants, nuclear-related commercial and government facilities, and other electric utilities.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-08 Radiant Research

Tempe, Arizona, United States

Radiant Research is a comprehensive clinical research and development company serving the biopharmaceutical and medical device industry. Radiant employs over 500 clinical research professionals exclusively focused on providing professional, high quality study conduct and drug development services. In the past four years, Radiant has conducted more than 8,000 clinical trials across 18 therapeutic specialties.

Sell -
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