Gryphon and Portfolio Company News

Gryphon Investors Invests in Heartland Veterinary Partners

San Francisco, CA -

Leading General Veterinary Practice Headquartered in the Midwest Provides Proven Platform for Continued Expansion

Gryphon Investors (“Gryphon”), a San Francisco-based middle-market private equity firm, announced today that it has made a majority investment in Heartland Veterinary Partners (“Heartland” or “the Company”), a leading veterinary support organization in the Mid-American and Southern U.S. markets. Tyree & D’Angelo Partners (“TDP”) and management will retain minority stakes alongside Gryphon. This transaction marks a continuation of Gryphon’s successful track record in helping to build leading multi-site healthcare services businesses. Terms of the deal were not disclosed.

Headquartered in Chicago, the Company partners with over 200 veterinarians across nearly 100 veterinary practices. The Company is focused on providing high-quality general veterinary services to companion animals and has an exceptional reputation within the industry due to its veterinarian-centric mission, vision, and values. CEO Dr. George Robinson, a 30-year veterinarian and industry expert, will remain with the Company and will retain an ownership stake, as will other members of senior management. 

“Pets are an important part of the family unit in America. American pet ownership continues to grow and there is a long-term trend towards high-quality preventative care as well as exceptional medical treatment to improve the lives of pets,” said Kevin Blank, Healthcare Operating Partner at Gryphon. He added, “We believe that Heartland is well-positioned for growth in the highly fragmented veterinary services market and has demonstrated an ability to partner with veterinarians to better serve their communities.”

Luke Schroeder, Gryphon Principal, said, “Heartland offers scalable systems, standardized back office support operations, and a predictable and attractive business model generating strong, cash-based revenue. The Company has a terrific reputation as a partner of choice for veterinarians and there are opportunities to continue to grow the customer base and expand the services offered to pet owners. In addition, we will continue to prioritize growth through acquisitions.”

“We’re pleased to partner with Gryphon, which has a long track record of helping companies like ours successfully grow their businesses,” said Dr. Robinson. “With the support of Gryphon’s deep operational and financial resources, we look forward to expanding our network of affiliated veterinarian hospitals and accelerating growth across our core geographies.”

Houlihan Lokey acted as financial advisor to Gryphon, and William Blair was the financial advisor to Heartland. Kirkland & Ellis acted as legal advisor to Gryphon, and Winston & Strawn acted as legal advisor to Heartland.

About Heartland Veterinary Partners

Heartland Veterinary Partners is one of the highest quality and fastest growing veterinary support organizations in the United States, with nearly 100 veterinary practices across the Mid-American and Southern markets. Heartland’s footprint continues to rapidly expand through the successful execution of veterinary practice acquisitions and partnerships with independent practicing veterinarians focused on delivering general veterinary services to companion animals. For more information, please visit

About Gryphon Investors

Based in San Francisco, Gryphon Investors ( 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 $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $100 million to $300 million in portfolio companies with sales ranging from approximately $100 million to $500 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.

About Tyree & D’Angelo Partners

Based in Chicago, IL, Tyree & D’Angelo Partners is a leading lower middle market private equity firm that makes control ownership investments in businesses that generate less than $50 million of annual revenue and $1–$5 million of EBITDA. TDP seeks to establish true collaborative partnerships with business owners and management teams that will lead to substantial creation of value over a long-term investment horizon. To date, TDP has completed over 200 partnerships across its portfolio companies. For more information, please visit


Caroline Luz

Lambert & Co.