New York, NY, August 1, 2016 – Deerfield Management Company (Deerfield) has completed the sale of its portfolio company, Veterinary Practice Partners (VPP), to Pamlico Capital (Pamlico). VPP is a rapidly growing veterinary practice management company with a differentiated, co-ownership model that leads to a unique set of acquisition opportunities and promotes deep ongoing engagement from its veterinary partners. Deerfield founded VPP in partnership with its Chief Executive Officer, Rich Lester, in 2011. The company has grown through acquisitions and de novo development to a portfolio of 22 clinics in 9 states.
Leslie Henshaw, Partner at Deerfield, commented “Rich Lester and his team have built an exceptional platform with a demonstrated ability to help their veterinary partners grow the value of their practices in a collaborative fashion and with aligned interests. We believe this distinctive model positions the company well for many years of continued growth, and we look forward to watching Rich and his team build on the successful foundation we established together.”
Rich Lester, VPP’s CEO, noted “Deerfield has been a tremendous partner in helping the management team build the company and execute on my vision. Not only did they serve as a source of capital and management guidance, but they provided valuable operating support as the executive team was being built out. Most importantly, their proprietary, in-house research arm, The Deerfield Institute, was instrumental in executing a lead generation strategy to source acquisition opportunities and collect market insights that helped to position us as a recognized thought leader in the industry.”
Harris Williams & Co. served as an advisor to VPP in the context of this transaction.
About Veterinary Practice Partners
Veterinary Practice Partners (VPP) is a trusted business partner to veterinarians. We co-own practices in partnership with veterinarians, and work relentlessly to grow and manage each practice, while retaining its unique identity and culture. VPP’s family of practices has enjoyed industry-leading growth and profitability improvements. Our team has deep experience in driving sustained, above-average revenue growth, cultivating exceptional practice staff, and overseeing back-office operations, including marketing, finance, accounting and human resources. Veterinarians partner with us because we enable them to focus on delivering high-quality patient care and foster lasting relationships with pet owners, while remaining owners in the practices they have committed a lifetime to building.
Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.
For more information, please visit www.deerfield.com
Deerfield Management Company
Karen Heidelberger, 212-692-7140