Harris Williams Advises Pathway Vet Alliance on its Sale to TSG Consumer Partners
Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Pathway Vet Alliance (Pathway), a portfolio company of Morgan Stanley Capital Partners (MSCP), on its transaction with TSG Consumer Partners (TSG). Pathway is the leading integrated provider of veterinary care and support services to pets, pet families and veterinarians in the U.S. The transaction was led by Geoff Smith, Whit Knier, James Clark, Tyler Bradshaw, Nathan Robertson, Dalton Hicks and Cameron Thomas of the Harris Williams Healthcare & Life Sciences (HCLS) Group, and Ryan Budlong of the firm’s Consumer Group.
“Pathway is addressing the future of the pet care industry and management has created an operating model uniquely suited to serve the diverse needs of pet families and veterinarians,” said Geoff Smith, a managing director at Harris Williams. “The opportunity to represent Pathway and MSCP on this pivotal milestone not only extends our experience advising leading veterinary platforms but also provides differentiated insight into the future of the broader pet care industry, which we expect to remain strong despite current uncertainty in the market. We look forward to following Pathway’s next chapter with TSG, and we are honored to have worked with the Pathway management team to find a partner who shares their vision for the future.”
“We expect to continue to see significant investor interest in the veterinary sector, especially for top quality companies like Pathway,” added Whit Knier, a managing director at Harris Williams. “Pathway’s management team has built a singular veterinary services platform due to their dedication to the pets, pet families and veterinarian partners they serve.”
“Given the company’s strong and growing national footprint, integrated service offering and consumer focus, we believe Pathway is poised for tremendous continued success with TSG,” said Ryan Budlong, a managing director at Harris Williams.
Founded in 2003 and headquartered in Austin, Texas, Pathway has grown from a single veterinary practice to include over 270 general, specialty and emergency practice locations, over 85 THRIVE Affordable Vet Care locations, and the management services organization, Veterinary Growth Partners, which supports over 5,500 affiliated and unaffiliated member hospitals. Pathway’s mission is for its team members to be change agents for good, who support people doing what they love so, together, they can transform the veterinary industry and the world – for the better. Pathway looks for practices and doctors seeking opportunities to grow and provides personalized management support to help them focus on providing the best possible care to their patients. Pathway has differentiated itself by focusing on the unique needs of each practice and partnering with the local team to implement their vision and work with their values, as well as building out an integrated pet care ecosystem that meets the needs of pets, pet families and pet care providers nationwide.
Morgan Stanley Capital Partners, part of Morgan Stanley Investment Management, is a leading middle market private equity platform that has invested capital in a broad spectrum of industries for over three decades. Morgan Stanley Capital Partners focuses on privately negotiated equity and equity-related investments primarily in North America and seeks to create value in portfolio companies primarily in a series of subsectors in the business services, consumer, healthcare, industrials and education markets with an emphasis on driving significant organic and acquisition growth through an operationally focused approach.
TSG is a leading private equity firm focused exclusively on the branded consumer sector. Since its founding in 1987, TSG has been an active investor in the food, beverage, restaurant, fitness, beauty, personal care, household, apparel and accessories, and e-commerce sectors. Representative past and present partner companies include Planet Fitness, Duckhorn Wine Company, Joe Hudson’s Collision Centers, CorePower Yoga, IT Cosmetics, REVOLVE, BrewDog, Canyon Bicycles, Pabst, Backcountry, vitaminwater, thinkThin, popchips, Stumptown, Smashbox Cosmetics and e.l.f. Cosmetics.
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).
The Harris Williams HCLS Group has experience across a broad range of sectors, including healthcare providers; payors and payor services; outsourced pharmaceutical services; medical device supply chain; healthcare IT; and pharmacy. For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams website.
The Harris Williams Consumer Group has completed more than 60 transactions in recent years across a variety of verticals, including branded consumer products; consumer services; food, beverage and agribusiness; and restaurant and retail. For more information on the Harris Williams Consumer Group and other recent transactions, visit the Consumer 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: firstname.lastname@example.org). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). 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.