CONSHOHOCKEN, PA (August 16, 2022) — EverVet Partners (“EverVet” or the “Company”), one of the fastest growing veterinary services platforms in the U.S., today announced its partnership with Freeman Spogli & Co. (“Freeman Spogli”), a leading private equity investor in the consumer and consumer services industries. Freeman Spogli’s investment will help accelerate EverVet’s growth through strategic partnerships with veterinarians and further enhance the Company’s operational initiatives, veterinarian recruiting efforts and technology. The Company’s existing investor Tailwind Capital (“Tailwind”) will continue to support the Company and will be an equal partner with Freeman Spogli following the transaction. Joe Luceri (Co-Founder and Chief Executive Officer), Len Podolsky (Co-Founder and Chief Development Officer) and the EverVet management team will remain shareholders and will continue to lead the Company’s day-to-day operations. Specific terms of the transaction were not disclosed.
Founded in 2020 and headquartered in Conshohocken, Pennsylvania, EverVet has rapidly become one of the premier veterinary services platforms in the United States as the management team has created a differentiated platform within the fragmented and growing veterinary care industry. EverVet’s animal hospital portfolio has grown to 21 clinics across a targeted set of markets primarily in the Mid-Atlantic, Midwest, Northeast and Southeast.
“We are excited to partner with Freeman Spogli as EverVet continues building a veterinarian and customer-focused organization,” said Joe Luceri, Co-Founder and Chief Executive Officer of EverVet. “We chose Freeman Spogli as our new partner given our cultural alignment, their extensive experience successfully building consumer services and consumer healthcare brands, and experience scaling businesses organically and through M&A.”
Len Podolsky, Co-Founder and Chief Development Officer of EverVet, added, “Through partnering with Freeman Spogli and continuing our partnership with Tailwind, EverVet will continue to invest in its corporate infrastructure to support growth and to partner with veterinarians through additional acquisitions. Tailwind has been instrumental in establishing EverVet’s foundation, and we are extremely excited to have great partners and a strong capital base as we continue EverVet’s growth.”
“EverVet stands out in the attractive veterinary services market by being a preferred partner to veterinarian business owners and having a proven track record of attracting and retaining high-quality employees given the Company’s strong veterinarian-led culture,” said Chris Johnson, Partner at Freeman Spogli. “We look forward to partnering with Joe, Len and the EverVet management team to further enhance the Company’s acquisition strategy and initiatives to grow patient volume, increase its service offering and provide exceptional service to its customers.”
John Hwang, Partner at Freeman Spogli, added, “EverVet has established a strong local presence with its animal hospital network given the team’s dedication to operational excellence and their passion for high-quality animal care. This has resulted in best-in-class animal hospital economics and, most importantly, strong retention and reputation with its customers and veterinarian partners.”
EverVet was advised by Lincoln International and Davis Polk & Wardwell. Freeman Spogli was advised by Morgan Lewis & Bockius LLP. MidCap Financial will continue to lead the debt financing facility to support EverVet’s future growth.
About EverVet Partners
EverVet Partners operates a leading network of general practice animal hospitals with 21 clinics across 10 states. EverVet capitalizes on the attractive trends within the fragmented veterinary market through the acquisition and growth of independent veterinary practices throughout the Mid-Atlantic, Midwest, Northeast and Southeast. The Company supports its hospitals and veterinarians to help each clinic grow and provide best-in-class care to pets and pet parents. For additional information, please visit www.evervetpartners.com.
About Freeman Spogli
Freeman Spogli & Co. is a private equity firm dedicated exclusively to investing in and partnering with management in consumer and distribution companies in the United States. Since its founding in 1983, Freeman Spogli has invested over $5.5 billion in 69 portfolio companies with an aggregate transaction value of over $27 billion and has completed over 140 add-on acquisitions with its portfolio companies. Freeman Spogli is currently making investments from FS Equity Partners VIII, L.P. and has offices in Los Angeles and New York. For additional information, please visit www.freemanspogli.com.
About Tailwind Capital
Tailwind Capital is a middle market private equity firm focused on services companies in three core subsectors - Infrastructure Services, Supply Chain and IT Services. Tailwind partners with management teams to Accelerate Change, its operationally intensive approach to value creation through investments in Talent, Technology and Transformative M&A. Since inception, Tailwind has invested approximately $4 billion in over 200 acquisitions, including over 50 platform companies and over 160 add-on acquisitions. For additional information, please visit www.tailwind.com.