ALLIANCE ANIMAL HEALTH acquired by L CATTERTON
Context
L Catterton acquired a majority stake in Alliance Animal Health at a valuation up to $800M. The deal reflects the high demand for recession-resistant veterinary services. Under LightBay Capital's ownership (since June 2019), Alliance grew its EBITDA fivefold to reach $39M (pro forma adjusted). The entry of L Catterton aims to accelerate the company's buy-and-build strategy in a highly fragmented market, benefiting from the increased pet ownership trend and the essential nature of veterinary care.
ALLIANCE ANIMAL HEALTH, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average currently observed in the Healthcare & Pharma sector (14.3x).
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Target
Alliance Animal Health is a leading owner and operator of veterinary hospitals across the United States. The company partners with veterinarians in a joint-ownership model, providing shared resources, purchasing power, and business support while maintaining local medical independence. At the time of the deal, it operated in 15 states.
Ent. Value
$500M–1.5bn
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
15x–25x
EV / EBIT
[members only]
Historical Financials (USD)
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REFERENCES
Valuation range: EV $500M–1.5bn
EBITDA range: $25–50M
EV/EBITDA range: 15x - 25x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ALLIANCE ANIMAL HEALTH by L CATTERTON are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: l catterton