Harris Williams & Co. Advises Veterinary Practice Partners on its Recapitalization by Pamlico Capital

August 1, 2016

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for 25 years, announces the recapitalization of Veterinary Practice Partners (VPP), a veterinary practice management company, by Pamlico Capital (Pamlico). Harris Williams & Co. served as the exclusive advisor to VPP, a portfolio company of Deerfield Management Company (Deerfield). The transaction was led by Geoff Smith, Whit Knier, Nick Owens and Taylor Will of Harris Williams & Co.’s Healthcare & Life Sciences (HCLS) Group.

“We are thrilled to have represented VPP’s shareholders and management in this transaction,” said Geoff Smith, a managing director at Harris Williams & Co. “The transaction is indicative of the strong interest and activity that we have seen and expect to continue from both strategic and financial acquirers in the veterinary services sector.”

“VPP’s co-ownership model is a disruptor in the attractive veterinary services industry and one that resonates strongly with high-performing DVMs seeking a partner to assist with the administrative and operational requirements of running a veterinary clinic in order to focus more of their attention on delivering high quality clinical care. We look forward to following the company’s continued success under Pamlico’s ownership,” added Whit Knier, a director at Harris Williams & Co.

Founded by Rich Lester in 2011 with funding from Deerfield, VPP is a trusted business partner to veterinarians. The company co-owns practices in partnership with veterinarians, supporting profitable growth of each practice, while retaining each practice’s unique identity and culture. VPP 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.

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.

Founded in 1988, Pamlico’s investment professionals seek buyout and growth equity investments in lower-middle market businesses with exceptional management teams. Operating out of Charlotte, North Carolina, the firm has an experienced team of investment professionals that currently manage approximately $2 billion of assets on behalf of a highly seasoned group of institutional investors, including some of the leading pension funds, insurance companies, fund of funds and endowments. Pamlico has a singular focus on and significant investing experience in three core industries: business and technology services, communications and healthcare.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.  The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence.  Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Harris Williams & Co.’s HCLS Group has experience across a broad range of sectors, including multi-site and retail healthcare providers (including dental care providers); alternate site care; healthcare IT; managed care and cost containment services; medical devices, products and distribution; 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 & Co. website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority.  Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.