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 in 2021, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Healthcare & Pharma sector (15.6x).
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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
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EV / Revenue
EV / EBITDA
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Historical Financials (USD)
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REFERENCES
Valuation range: EV 500M - 1.5b USD
EBITDA range: 25M - 50M USD
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: l catterton