What did TSG Consumer Partners pay for Pathway Vet Alliance?

TSG Consumer Partners acquired Pathway Vet Alliance for $2.65B in 2020 (16.7x EBITDA), equivalent to 4.50x revenue. Target revenue was approximately $585.0M. Target EBITDA was approximately $159.0M.

What multiple did TSG Consumer Partners pay for Pathway Vet Alliance?

16.7x EBITDA and 4.50x revenue, based on disclosed deal value of $2.65B and disclosed financials.

M&A TRANSACTION · 2020

Pathway Vet Alliance acquired by TSG Consumer Partners

$2.65B· 16.7x EBITDA· 4.50x revenue

Target

Pathway Vet Alliance

Austin, Texas

Network of over 240 general, emergency and specialty hospitals in 35 states, plus 85+ THRIVE Affordable Vet Care locations

Acquirer

TSG Consumer Partners

Private Equity buyer

Disclosed financials at time of acquisition

Revenue

$585.0M

EBITDA

$159.0M

Deal Value

$2.65B

EV/EBITDA

16.7x

Context

This $2.65B acquisition of Pathway Vet Alliance by TSG Consumer Partners sits in the veterinary practice sub-vertical. The 16.7x EBITDA multiple paid in 2020 can be compared against the population median for veterinary practice transactions of similar size on our Veterinary Practice valuation hub. TSG Consumer Partners is acquiring as a private equity buyer; see how PE acquirers typically price veterinary practice businesses on our Veterinary Practice PE buyer-pool page.

Source

Data sourced from Press Release — primary source. All figures reflect disclosed values at the time of the acquisition; no estimated or imputed data. Methodology

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Citation: ExitValue.ai. (2020). Pathway Vet Alliance acquired by TSG Consumer Partners. https://exitvalue.ai/deals/pathway-vet-alliance-acquired-by-tsg-consumer-partners-veterinary-v