BUYER POOL ANALYSIS
Selling a veterinary practice to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 17.15x across 12 disclosed deals (P25: 15.82x, P75: 20.73x). Median EV/Revenue 3.63x across 6 deals. Median deal value: $1401.4M.
- How many disclosed transactions?
- 15 deals total (15 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of veterinary practice businesses.
- Most active buyers
- Partners Group (2) · Berkshire Partners (2) · BDT & MSD Partners (credit facility) / Compass Group Equity Partners (sponsor) (1) · Silver Lake Group / Shore Capital (1) · Shore Capital Partners / Silver Lake Partners (1) · AEA Investors LP / Abu Dhabi Investment Authority (ADIA) (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of veterinary practice businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2024 | CareVet (Credit Facility) | BDT & MSD Partners (credit facility) / Compass Group Equity Partners (sponsor) | $228.0M | — | 1.52x |
| 2024 | Mission Veterinary / Southern Veterinary | Silver Lake Group / Shore Capital | $8600.0M | 15.6x | — |
| 2024 | Southern Veterinary Partners / Mission Veterinary Partners Merger | Shore Capital Partners / Silver Lake Partners | $8600.0M | 17.5x | — |
| 2022 | AmeriVet Veterinary Partners | AEA Investors LP / Abu Dhabi Investment Authority (ADIA) | $1600.0M | 24.8x | 4.27x |
| 2022 | AmeriVet Veterinary Partners | AEA Investors LP / ADIA | $1600.0M | — | 4.60x |
| 2022 | People, Pets & Vets (PPV) | VetCor (Harvest Partners / Cressey & Company) | $1100.0M | 13.8x | — |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same veterinary practice can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to veterinary practice businesses acquired by private equity / pe-backed roll-up buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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