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EverVet joins forces with Freeman Spogli & Co
Partnership to help accelerate company's growth and role in the veterinary world
EverVet Partners, a veterinary service platform in the US, has partnered with Freeman Spogli & Co, a private equity investor in the consumer and consumer services industries.
According to a company release,1 Freeman Spogli's investment will help advance EverVet's growth via strategic partnerships with veterinarians and further improve its operational initiatives, veterinarian recruiting efforts, and technology. EverVet’s current investor Tailwind Capital will continue to support the company and will be an equal partner with Freeman Spogli after the transaction. Jo Luceri, Co-founder and CEO, and Len Podolsky, co-founder and chief development officer, and the EverVet management team will still be shareholders who will continue to oversee daily operations. Specific terms of the transaction were not disclosed.
Podolsky commented, "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 was initiated in 2020, and its portfolio has expanded to 21 veterinary clinics throughout a targeted set of markets mainly 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," expressed Luceri, in the release.1 "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."
"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."
EverVet was advised by Lincoln International and Davis Polk & Wardwell, according to the release.1 Freeman Spogli was advised by Morgan Lewis & Bockius LLP. MidCap Financial will further manage the debt financing facility to promote EverVet's continual growth.
EverVet Partners with Freeman Spogli & Co. to accelerate growth. News release. Freeman Spogli & Co. August 16, 2022. Accessed August 17, 2022. https://www.prnewswire.com/news-releases/evervet-partners-with-freeman-spogli--co-to-accelerate-growth-301607228.html