EVERVET PARTNERS acquired by FREEMAN SPOGLI
Context
Freeman Spogli & Co. made a significant investment in EverVet Partners, partnering alongside existing investor Tailwind Capital while EverVet's founders and management retained meaningful equity stakes. The transaction provided growth capital to accelerate EverVet's expansion in the consolidating U.S. veterinary services market. The deal made strategic sense because EverVet's veterinarian-led platform model aligned perfectly with Freeman Spogli's consumer services expertise, while Tailwind's foundational support transitioned into continued partnership. EverVet selected Freeman Spogli for their track record scaling healthcare and consumer brands through organic growth and M&A. The timing capitalized on strong industry tailwinds including pet ownership growth and veterinary workforce shortages, positioning EverVet to capture market share through targeted acquisitions and organic initiatives.
EVERVET PARTNERS, which reported an EBITDA margin of in 2022, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Healthcare & Pharma sector (15.3x).
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Target
EverVet Partners is a veterinary services platform founded in 2020 and headquartered in Conshohocken, Pennsylvania, United States. The company operates a network of 21 general practice animal hospitals across 10 states, primarily serving the Mid-Atlantic, Midwest, Northeast, and Southeast regions. EverVet provides comprehensive veterinary care including wellness exams, surgeries, diagnostics, dental services, and emergency treatment for pets. Each clinic maintains its local identity while benefiting from the platform's shared resources for technology, recruiting, and operational support. The company partners with independent veterinarians, offering them equity opportunities and clinical autonomy while providing back-office infrastructure. EverVet focuses on being a veterinarian-led organization that prioritizes high-quality animal care and strong employee retention. The platform has grown rapidly in the fragmented U.S. veterinary market by targeting quality practices rather than pursuing volume at any cost. Its model emphasizes cultural alignment with clinic owners and invests heavily in attracting top veterinary talent. Revenue comes from clinic services with a focus on building long-term client relationships through exceptional care.
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REFERENCES
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Press release: view release
Target: evervet partners
Acquirer: freeman spogli