Harris Williams Advises MedVet Associates, LLC on its Investment from the Goldman Sachs Merchant Banking Division

July 15, 2019

Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised MedVet Associates, LLC (MedVet) on its investment from entities affiliated with the Goldman Sachs Merchant Banking Division and SkyKnight Capital, L.P. (SkyKnight Capital). MedVet is a growing, nationwide network of 24 specialty and emergency services veterinary hospitals. The transaction, led by Geoff Smith, Whit Knier, Taylor Will and Brian Jones of Harris Williams’ Healthcare & Life Sciences (HCLS) Group, extends the firm’s successful track record in the veterinary services and products sector.

Veterinarian-led and owned since 1988, MedVet is a growing, nationwide network of hospitals delivering exceptional care. Over 2,000 team members working in 24 hospitals throughout the Midwest, Gulf Coast, Texas and stretching west to the Mountain regions and now California, are helping to advance the company’s mission of Leading Specialty Healthcare for Pets. Through this effort, MedVet helps and serves over 250,000 pets, their families and more than 7,500 referral partners each year.

The company had previously received minority investments from Stonehenge Partners, Inc. (Stonehenge Partners) and SkyKnight Capital, which supported the company’s expansion from five hospitals to its portfolio of 24 hospitals today, and following the investment by entities affiliated with the Goldman Sachs Merchant Banking Division, will remain majority veterinarian owned and led. With support from the Goldman Sachs Merchant Banking Division and reinvestment from SkyKnight Capital and Stonehenge Partners, MedVet plans to continue expanding its network of veterinary hospitals, which are known for providing the industry’s leading clinical care to pets and service to their families, while providing a compelling place for doctors of veterinary medicine to practice.

“The MedVet team has built a tremendous organization,” said Geoff Smith, a managing director at Harris Williams. “We are thrilled to have represented MedVet in this transaction and are excited that the company has found a new partner that will continue to support management’s growth initiatives and mission of supporting veterinarians in providing the best possible care for pets and their owners.”

“The transaction is indicative of the strong interest and activity that we’re seeing from investors in the veterinary services sector,” added Whit Knier, a director at Harris Williams. “We are excited for MedVet’s management, veterinarians, and employees and look forward to following the company’s bright future.”

“MedVet is an exceptional company, and we are excited to expand our partnership,” said Matthew Ebbel, the managing partner of SkyKnight Capital. “With this investment, MedVet is extremely well positioned to continue its nationwide expansion and deliver on its mission to lead specialty healthcare for pets.”

Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division is the primary center for the firm’s long-term principal investing activity. With nine offices across seven countries, Goldman Sachs Merchant Banking Division is one of the leading private capital investors in the world with equity and credit investments across corporate, real estate and infrastructure strategies. Since 1986, the group has invested approximately $180 billion of levered capital across a number of geographies, industries and transaction types.

Stonehenge Partners directs the investment activities for approximately $1 billion in capital commitments. The firm’s investment professionals have extensive experience sourcing, evaluating and structuring private equity capital transactions, including expansion and growth capital, management buyouts, leveraged acquisitions and recapitalizations. Stonehenge Partners often invests equity and subordinated debt in the same company, offering an integrated solution for all capital requirements in a transaction. The firm has the flexibility to invest in a variety of structures including common equity, preferred equity and subordinated debt.

Founded in 2015, SkyKnight brings together an experienced investment team and a flexible, long duration approach to private equity investing. SkyKnight focuses on partnering with high quality businesses in acyclical growth sectors alongside exceptional management teams. SkyKnight manages capital on behalf of institutional family offices and leading foundations and endowments. The firm seeks investments in the healthcare and business services industries. SkyKnight platform investments to date have consisted of equity commitments ranging from $10 million to over $200 million.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

Harris Williams’ HCLS Group has experience across a broad range of sectors, including medical devices, products and distribution; multi-site and retail healthcare providers; alternate site care; healthcare IT; managed care and cost containment services; outsourced clinical services; and outsourced pharma services. For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.