Veterinary PracticeM&A Valuation Benchmarks

The veterinary practice M&A market is currently trading at a median 17.15× EBITDA (interquartile range 13.56×–19.92×) and 2.01× revenue (interquartile range 0.93×–4.53×), based on 42 disclosed transactions at a median deal size of $996.2M. The market trend is currently consolidating.

Recent (2018+) deals are pricing at 18.8× EBITDA — a step UP from the all-time median of 17.15×. Multiples have expanded as institutional capital has entered the space.

Active acquirers include ArchiMed SAS, Silver Lake Group / Shore Capital, Shore Capital Partners / Silver Lake Partners, BDT & MSD Partners (credit facility) / Compass Group Equity Partners (sponsor). Recent named transactions: ARK Diagnostics, Inc. (2025, $435.2M); Mission Veterinary / Southern Veterinary (2024, $8,600M, 15.6× EBITDA); Southern Veterinary Partners / Mission Veterinary Partners Merger (2024, $8,600M, 17.5× EBITDA).

Premium multiples in veterinary are driven by multi-dvm staffing with retention bonuses already in place (corporate buyer requirement); geographic fit for active consolidators (mars/vca, nva, thrive, pathway); diversified revenue (services + retail + grooming reduces concentration risk).

What depresses multiples: single-dvm owner-operator (corporate buyer pool walks, forced into vet-to-vet sale); associate planning to leave within 12 months of sale (deal-breaker for corporate); revenue under $1m (below corporate-buyer transaction-cost threshold).

All figures based on disclosed deals only. Source: SEC filings, EDGAR 8-K/S-4, and verified press releases (42 deals total, 32 with EBITDA, 24 with revenue). Quality grade: green.