CareVet, a Clayton-based veterinary practice management group, has inked a new financing deal it says will support its continued growth.
The company said it has closed on a new credit facility with funds managed by BDT & MSD Partners, a merchant bank co-headquartered in Chicago and New York.
Exact terms of the financing weren't disclosed, but CareVet said it "provides significant incremental capital" for its continued expansion efforts, according to a Tuesday press release.
CareVet acquires veterinary practices, keeping the front-line teams in place and investing in the facilities while providing support including human resources, legal, marketing and accounting services. The company was founded in 2018 by Greg Siwak, a former private equity executive, and Kent Thornberry, a doctor of veterinary medicine, with backing from St. Louis-based private equity firm Compass Group Equity Partners. CareVet remains in Compass Group's portfolio.
CareVet has grown to a network of 200 veterinary hospitals across over 35 states and more than 2,500 total employees, according to the release. The company's annual revenue is more than $150 million, officials previously told the Business Journal.
The new credit facility positions CareVet "to better capitalize on market opportunities" and strengthen its presence in the veterinary industry, officials said.
"We're excited to have this completed and provide the fuel for the next chapter of CareVet," Siwak said in the release. "Our partnership with BDT & MSD enables us to accelerate our growth trajectory and expand our footprint even more aggressively."
"Led by our local St. Louis team, this transaction reflects our commitment to providing creative financing solutions to our lending partners in an important U.S. market," Simon Crocker, managing director of BDT & MSD, said in a statement.
