Varsity Healthcare Partners Completes Strategic Growth Investment in VetEvolve
October 16, 2023
LOS ANGELES – October 16, 2023 – Varsity Healthcare Partners (“VHP,” “Varsity” or “the Firm”), a lower middle market healthcare services private equity investment firm, today announced that it has completed a strategic growth investment in VetEvolve (“the Company”). Headquartered in Richmond, VA, VetEvolve is a general veterinary care platform employing over 100 Doctors of Veterinary Medicine (“DVMs”) across 32 clinics throughout the Mid-Atlantic region of the United States.
VHP is partnering with VetEvolve’s management team to extend VetEvolve’s regional presence and expand the Company into new geographies. Co-founder and CEO of VetEvolve, Nick Lodestro, will continue to lead the Company, and the management team expects to make several strategic hires in the near term to further support and accelerate the growth of the platform.
“We have cultivated a supportive and wide-reaching network of teams that are passionate about delivering world-class care for pets. We knew immediately that, in Varsity, we found a counterpart that fully upholds our vision to build a premiere platform serving as the employer of choice for veterinary service professionals while maintaining our commitment to growing our VetEvolve practices to levels they never thought were possible on their own,” commented Lodestro.
Since its founding in 2014, VetEvolve has built a strong internal infrastructure with an emphasis on providing veterinary professionals with meaningful support and opportunities for professional growth. As a result of this partnership, VetEvolve is well-positioned to continue its mission of enabling veterinary professionals to deliver exceptional pet care.
The terms of the deal were not disclosed.
About VetEvolve
VetEvolve is a people-first organization that provides industry know-how and reliable support to veterinary teams, enabling them to deliver exceptional patient care. Using a customized approach to partnering with DVMs and practice owners throughout their career, VetEvolve ensures each person is achieving their career goals and are fulfilled personally, professionally, and financially. The VetEvolve family of practices are in Virginia, Maryland, Tennessee, Connecticut and West Virginia. Learn more at https://vetevolve.com/.
About Varsity Healthcare Partners
Varsity Healthcare Partners (VHP) is a lower middle-market private equity investment firm focused on partnering with founders, entrepreneurs and management teams to build leading healthcare services companies. VHP’s tactical investment strategy emphasizes identifying and transacting with growth-seeking, provider-owned or founder-owned companies, leveraging VHP’s developed “buy and build” playbook to drive significant operational, managerial enhancement early in the life of each platform investment, followed by a well-resourced aggressive and multidimensional growth plan. VHP’s unique tactical investment playbook and strong track record is complemented by VHP’s distinct organizational culture, emphasizing highly collaborative engagement, strong professional accountability, and a commitment to excellence in work product and team performance.
CONTACTS
Mickey Mandelbaum or Julia Cohen
mmandelbaum@prosek.com / jcohen@prosek.com