Network of Modern Animal Hospitals Across Key Markets to Help Drive Heartland's Continued GrowthChicago, IL – July 25, 2022 —
Heartland Veterinary Partners (“Heartland” or “the Company”), a leading veterinary support organization in the United States, announced today that it has acquired Family Vet Group (“FVG” or “the Company”), a leading provider of general practice veterinary care. Terms of the deal were not disclosed.
FVG’s state-of-the-art practices are strategically located across major metropolitan areas in Florida, Texas, Tennessee, North Carolina, and Indiana. Each practice offers full-service general practice veterinary care including surgery, dental, digital and dental radiology, and in-house and reference lab capabilities. Headquartered in the north suburbs of Chicago, IL, FVG was co-founded in 2019 by President Chase Michalek, who will be staying with the business.
“FVG is an outstanding veterinary group that has cultivated an entrepreneurial and quality-driven culture that will add immediate value to Heartland,” said Greg DeAtkine, CEO of Heartland. “FVG is known for its innovative approach to opening new hospitals featuring the latest technology that expands the quality of care for patients, which will be a competitive advantage as we seek to serve our clients to the highest standard and attract top talent to our growing organization.”
“The significant rise in pet ownership over the last few years has created strong opportunities for practices that offer quality veterinary care in inviting settings. This acquisition significantly expands Heartland’s network of locations and adds to Heartland’s expertise in the development of new practices and expansion of existing locations, both of which will help address unmet demand in the industry,” said Luke Schroeder, Deal Partner and Head of the Healthcare Group at Gryphon.
“FVG has built a vibrant culture that has attracted top caliber veterinarians and support team members, which has contributed to exceptional business results and company growth,” said Connor Lawrie, COO of Heartland. “We look forward to working with Chase, Dr. Kate Kraft, and the talented FVG team as we welcome them into the Heartland family and build on each other’s strengths.”
“We are extremely excited about partnering with Heartland and Gryphon to help support our business and accelerate growth,” said Mr. Michalek. “I am so proud of all the people in our organization that have helped build this company together with my family. This partnership represents yet another tremendous opportunity for our entire team to make a profound impact in our industry.”
As part of the transaction, FVG’s family ownership group, Highland Ventures LTD, will retain the underlying real estate of the practices. In addition, Highland Ventures LTD will serve as a strategic real estate partner to support Heartland’s facility expansion strategy.
About Heartland Veterinary Partners
Heartland Veterinary Partners is one of the highest-quality and fastest-growing veterinary support organizations in the United States, with practices located across a wide swathe of the country. Heartland’s mission is to improve the lives of veterinarians and those that support them, which they accomplish through their values-focused approach to veterinary practice acquisitions and partnerships with independent practicing veterinarians. For more information, please visit www.heartlandvetpartners.com.
About Family Vet Group
Founded in 2019 by Chase Michalek and his wife’s family company, Highland Ventures LTD, Family Vet Group (“FVG”) has become one of the fastest growing providers of general practice veterinary care in the US. With locations in major metropolitan areas across the South and Southeast, FVG supports over 40 veterinarians and roughly 200 employees who take a high-touch approach to delivering exceptional care, value, and service to the pets and pet parents in their communities. For more information, please visit www.familyvetgroup.com.
About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $9 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.
- Jennifer Hurson