Tailwind Capital, the current investor in EverVet Partners, will continue its support and will stand as an equal partner with Freeman Spogli following this transaction. The leadership team at EverVet Partners, including Co-Founder and Chief Executive Officer Joe Luceri, and Co-Founder and Chief Development Officer Len Podolsky, will maintain their roles and continue to steer the company’s daily operations, while also remaining as shareholders. The specific financial details of the investment have not been disclosed.
Established in 2020 and based in Conshohocken, Pennsylvania, EverVet Partners has quickly distinguished itself as a premier veterinary services platform within the fragmented yet growing veterinary care industry. The company’s portfolio boasts 21 animal hospitals strategically located across key markets in the Mid-Atlantic, Midwest, Northeast, and Southeast regions of the U.S.
Joe Luceri, Co-Founder and CEO of EverVet Partners, expressed enthusiasm about the new partnership, stating, “We are thrilled to join forces with Freeman Spogli as EverVet Partners continues to develop as a veterinarian and client-centric organization. Our decision to partner with Freeman Spogli was driven by our shared cultural values, their extensive history of successfully building consumer services and healthcare brands, and their expertise in scaling businesses both organically and through acquisitions.”
Len Podolsky, Co-Founder and Chief Development Officer of EverVet Partners, further elaborated on the future direction, “Through this partnership with Freeman Spogli, and the continued collaboration with Tailwind, EverVet Partners is poised to further invest in our corporate infrastructure to underpin our growth and to expand our network of partnerships with veterinarians through strategic acquisitions. Tailwind’s early support was crucial in establishing EverVet’s strong foundation, and we are incredibly excited to have such strong partners and a robust capital base to support EverVet Partners’ ongoing expansion.”
Chris Johnson, Partner at Freeman Spogli, highlighted EverVet Partners’ position in the market, “EverVet Partners stands out in the attractive veterinary services market as a preferred partner for veterinary business owners. They have demonstrated a strong track record in attracting and retaining top-tier employees, which is underpinned by the company’s robust veterinarian-led culture. We are eager to work alongside Joe, Len, and the EverVet Partners management team to further refine the company’s acquisition strategy and to enhance initiatives aimed at growing patient volume, expanding service offerings, and ensuring exceptional customer service.”
Echoing this sentiment, John Hwang, also a Partner at Freeman Spogli, noted, “EverVet Partners has cultivated a significant local presence with its network of animal hospitals, a testament to the team’s commitment to operational excellence and their dedication to high-quality animal care. This focus has resulted in outstanding animal hospital financial performance and, crucially, strong loyalty and reputation among both customers and veterinarian partners.”
For this transaction, EverVet Partners received advisory services from Lincoln International and Davis Polk & Wardwell. Freeman Spogli was advised by Morgan Lewis & Bockius LLP. MidCap Financial will continue to provide debt financing to support the future growth initiatives of EverVet Partners.
About EverVet Partners
EverVet Partners manages a leading network of 21 general practice animal hospitals across 10 states. Leveraging the favorable trends within the fragmented veterinary market, EverVet Partners focuses on acquiring and developing independent veterinary practices throughout the Mid-Atlantic, Midwest, Northeast, and Southeast. The company is dedicated to supporting its hospitals and veterinary teams, enabling each clinic to thrive and deliver best-in-class care to pets and their owners. For more detailed information, please visit www.evervetpartners.com.
About Freeman Spogli & Co.
Freeman Spogli & Co. is a private equity firm exclusively focused on investing in and collaborating with management teams in consumer and distribution companies within the United States. Since its inception in 1983, Freeman Spogli has invested over $5.5 billion in 69 portfolio companies, representing an aggregate transaction value exceeding $27 billion. The firm is actively investing from FS Equity Partners VIII, L.P. and has offices located in Los Angeles and New York. More information can be found at www.freemanspogli.com.
About Tailwind Capital
Tailwind Capital is a middle market private equity firm that concentrates on services companies within three key sectors: Infrastructure Services, Supply Chain, and IT Services. Tailwind partners with management teams to drive operational improvements and value creation through investments in talent, technology, and strategic mergers and acquisitions. To date, Tailwind has invested approximately $4 billion across over 200 acquisitions. For additional details, please visit www.tailwind.com.
SOURCE Freeman Spogli & Co.
