PE taps into veterinary care: 7 deals

Pets are living longer, thanks to owners investing more in their health and advances in animal medical care. As a result, complex diseases like cancer and diabetes – commonly seen in old age – are on the rise. This is driving demand for specialty and emergency veterinary care, drawing private equity investors to the subsector – and also raising deal multiples, according to CT Acquisitions.

Starting from the most recent, PE Hub rounded up seven investments in veterinary care services that have closed in the last six months.

1. Great Point-backed VetnCare picks up Holistic Veterinary Care

VetnCare, a community of Northern California veterinary hospitals backed by Great Point Partners, announced in July the acquisition of Holistic Veterinary Care.

Holistic Veterinary Care is a holistic medicine and rehabilitation veterinary hospital that offers acupuncture and chiropractic practices alongside conventional veterinary medicine.

Both companies are based in Oakland, California. Holistic Veterinary Care is the sixth acquisition by VetnCare since Great Point Partners invested in the platform in 2022.

Dr Gary Richter, founder of Holistic Veterinary Care, will remain a part of the company as clinical director and a practicing veterinarian.

2. Warburg-backed Bond Vet merges with Small Door Veterinary

Also in July, Bond Vet, a portfolio company of Warburg Pincus and Talisman Capital Partners, announced the completed merger with Small Door Veterinary, which is backed by Valspring Capital, Primary Venture Partners and Lerer Hippeau.

Bond Vet is based in New York and provides primary, urgent, dental and surgical services to pets. Talisman Capital invested in the company in 2018, and Warburg Pincus invested $170 million into it in 2021.

Also based in New York, Small Door Veterinary uses a membership-based model to provide primary care, routine preventive care, advanced dentistry and surgery to animals, as well as 24/7 telemedicine and transparent pricing. Valspring Capital invested in 2025, while Primary Venture Partners and Lerer Hippeau backed the business in 2019.

Together, the organizations will manage over 55 clinics across major Northeast, Mid-Atlantic and Midwest markets and plan to add additional locations. The combined organization will employ over 1,000 team members, including over 170 veterinarians.

3. Tractor Supply Company acquires PE-backed VIP Petcare Veterinary Services

Tractor Supply Company, a rural lifestyle retailer, announced in late May the acquisition of VIP Petcare Veterinary Services, a mobile veterinary care provider, from PetIQ, a portfolio company of Bansk Group.

Tractor Supply Company is headquartered in Brentwood, Tennessee, and sells home improvement, agriculture, lawn maintenance, livestock, equine and pet care supplies. As of March, it has 2,435 Tractor Supply stores in 49 states and 206 Petsense by Tractor Supply stores in 23 states, according to a press release.

VIP Petcare operates out of Eagle, Idaho, with community clinics in approximately 2,700 retail locations across national and regional retail partners in 39 states and serves over one million pets annually. This includes 1,700 Tractor Supply locations. PET IQ, which is also based in Eagle, Idaho, invested in the company in 2018. Bansk Group took PET IQ private for $1.5 billion in 2024.

The deal combines VIP Petcare’s in-store veterinary clinics and 24/7 vet access with the online pharmacy capabilities of Allivet, another division of Tractor Supply, and creates a pet care offering that spans veterinary services, pharmacy, pet services and retail.

“Tractor Supply’s acquisition is exactly aligned with the outcome our value creation playbook is designed to produce – and it is a reflection of our ability to build distinctive businesses that attract best-in-class strategic acquirers,” said Chris Kelly, senior partner of Bansk Group, in a statement.

4-7. Axcel-backed Vetopia acquires four UK practices

Also in May, Axcel portfolio company Vetopia announced the acquisition of four veterinary practices. The deal follows earlier add-ons by the company, announced in February.

The practices include The London Cat Clinic in Bermondsey; Grace Lane Vets in Kirkbymoorside, North Yorkshire; Midsomer Vets in Radstock; and Orchard House Vets, which has practices in Hexham, Stocksfield and Bellingham.

Vetopia is a European veterinary group based out of Denmark that Axcel established in 2021. As of May, Vetopia has over 200 practices across nine countries, according to the press release.

The deal provides VetThing with 11 sites across seven practices and builds off of an earlier acquisition it made in February of three practices. They include Arvonia Vets, which operates three locations in Gloucestershire, Stellar Vets in West Sussex and Park House Vets in Staffordshire.

With pets living longer, in turn requiring more veterinary care, PE Hub predicts more deals in the segment in the coming months.