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National Veterinary Associates forms 2 distinct businesses
The formation of the 2 businesses will allow each to focus on their distinct strategic growth priorities and prepare for eventual IPOs.
National Veterinary Associates (NVA), a global pet care organization and community of more than 1500 veterinary hospitals and pet resorts, is evolving to form 2 distinct businesses: Ethos Veterinary Health (Ethos) and NVA. Ethos will consist of 145 world-class specialty veterinary hospitals, and NVA will continue to oversee approximately 1400 premier locations consisting primarily of general practice veterinary hospitals, equine hospitals, and pet resorts.
The formation of the 2 businesses will allow NVA and Ethos to focus on their distinct strategic growth priorities and prepare for an eventual initial public offering (IPO) of each, according to an organizational release. NVA, the largest owner of locally branded general practice veterinary hospitals in the world, will continue to focus on ensuring broad access to high-quality care for all pet owners, advancing its multi-decade mission to provide care for the love of animals and the people who love them.
Ethos will focus on leading the advancement of cutting-edge medicine to extend and improve the lives of pets. Its portfolio will consist of legacy Ethos Veterinary Health, Compassion-First, SAGE, and legacy NVA specialty and emergency hospitals. “Compassion-First was founded under the philosophy of elevating patient care to secure better outcomes. Our new structure will allow our 145 specialty and emergency hospitals to accelerate this mission as one company and further our position as the preeminent specialty practice in the world,” said John Payne, founder of Compassion-First, in the release.
Greg Hartmann, CEO of NVA, will become chairman of the combined company, in which NVA and Ethos will operate as separately managed businesses. “Over the past 15 years, it has been my great honor to oversee the building of NVA from a group of 85 US-based hospitals to now a global leader with over 1500 locations across the United States, Canada, Australia, New Zealand and Singapore. As we enter this new phase of our company’s history, now is the perfect time to hand the reins to a new generation of leadership to oversee this exciting new chapter,” said Hartmann, in the release.
Both businesses will report to incoming CEO Larry Allgaier, who brings more than 30 years of consumer, health care and veterinary experience. "Veterinarians have a vital impact on the wellbeing of society as they care for and extend the lives of pets, who so many love as family members. I feel very fortunate to work in a business supporting veterinarians and look forward to learning from the passionate and talented teams at NVA and Ethos as we set upon this new chapter of growth,” said Allgaier, in the release.
IPOs for NVA and Ethos may be launched in the next 2 to 3 years, according to the release.
NVA, the leading global pet healthcare organization, to form two distinct veterinary businesses, paving the way for eventual IPOs. News release. National Veterinary Associates. March 27, 2023. Accessed April 5, 2023. https://www.businesswire.com/news/home/20230327005288/en/NVA-the-Leading-Global-Pet-Healthcare-Organization-to-Form-Two-Distinct-Veterinary-Businesses-Paving-the-Way-for-Eventual-IPOs