Case Study

National Veterinary Association (NVA)


NVA is an excellent example of the power of the Ares Private Equity strategy of partnering with outstanding management teams to back franchise businesses where our system and framework for growth can drive consistent performance and significant value creation.

Bennett Rosenthal Co-Founder, Co-Chair of Ares Private Equity Group

The company

  • Region: USA
  • Sector: Healthcare
  • Stage: Large Buyout
  • Fund Vintage: 2012
  • Highlights:
companion animal veterinary hospitals
pet resorts across 43 states in the USA, as well as Canada, Australia, and New Zealand

Private Equity Manager (GP)

Case study

About the company

NVA is one of the largest operators of free-standing veterinary clinics in the USA, offering a full range of medical and surgical services to companion animal veterinary facilities.

Why invest in the company

Ares had identified that there was significant Mergers & Acquisitions (M&A) white space to continue acquiring independent veterinary practices. NVA was the partner of choice for sellers of hospitals given its long-standing history and vet-friendly reputation. In addition, the pet industry is a US$55bn market with long-term growth in excess of gross domestic product, no third-party reimbursement risk and low exposure to regulatory, reimbursement, governmental, and malpractice risk.

Our relationship

Pantheon has a long-standing relationship with the GP, cultivated through primary and secondary investments, as well as co-investing alongside the GP. Pantheon also holds advisory board positions on the GP’s funds.

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