Ontario Teachers’ acquires PetVet
TORONTO – The Ontario Teachers' Pension Plan (Teachers') today confirmed its recent acquisition of PetVet Care Centers (PetVet), a leading operator of specialty and general practice animal hospitals in the United States.
The transaction was led by Teachers' Private Capital (TPC). Catterton, a private equity firm that established PetVet in 2012, will retain a minority interest along with CEO Gino Volpacchio.
Headquartered in Westport, Connecticut, PetVet currently has 19 general practice and 11 specialty hospitals.
"Veterinary services represent a large and fragmented market with attractive prospects. We look forward to working with PetVet's management team to continue building the company through acquisitions and organic growth while providing exceptional support to our veterinarian partners. We expect to apply and benefit from our experience as a partner to Heartland Dental, which is based on a similar business model," said Jane Rowe, Senior Vice-President of TPC.
TPC activities include leading deals on a sole or partnered basis, investing in private equity funds and co-investing with other like-minded private equity funds. TPC has developed expertise in specific industry sectors and also includes the Long-Term Equities group.
With $140.8 billion in net assets as of December 31, 2013, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the defined benefit pensions of 307,000 active and retired teachers in Ontario. For more information, visit www.otpp.com. Follow us on Twitter @OtppInfo.