Shore Capital Invests in Veterinary Services Platform
Shore Capital Partners completed the recapitalization of Oak View Animal Hospital, Patton Chapel Animal Clinic and Williams Animal Hospital to form Southern Veterinary Partners. The company provides general practice veterinary services to companion animals including vaccinations, surgery, wellness exams, oncology, ophthalmology, allergy treatment and dermatology.
This recapitalization represents the first investment out of Shore Capital Partners Fund I, LP, a $112.5 million investment vehicle raised in May 2014.
Shore plans to invest in infrastructure to standardize operations and provide support to SVP’s current and future clinics including centralized finance, accounting, human resources, IT, sales and marketing. Additionally, Shore Capital is supplementing the incumbent management with several new executives, including a CFO and vice president of Business Development, and a board of directors to help enhance operations and execute an acquisition growth strategy.
Southern Veterinary Partners will pursue partnerships with likeminded veterinarians to build a network of high quality and service-oriented animal hospitals.
“We are thrilled about the partnership with Dr. Price and his hospitals and look forward to creating a leading regional network of animal hospitals throughout the Southeast,” said Mike Cooper, founding partner at Shore Capital and Chairman of Southern Veterinary Partners. “As part of our sector-focused investment approach, we’ve spent significant time studying the veterinary services industry and we are confident that the sector benefits from a number of attractive industry dynamics and is ripe for continued consolidation.”
Dr. Price noted, “I’m excited about the opportunity to partner with Shore and am looking forward to executing our vision and building a best-in-class regional platform in the Southeast.”
Birmingham, AL-headquartered Southern Veterinary Partners plans to pursue a roll-up of animal hospitals in the Southeast. Shore has partnered with Dr. Jay Price, a veterinarian and the owner of Oak View, Patton Chapel and Williams, to be CEO of the platform. Dr. Price is an entrepreneurial veterinarian who has a track record of successfully acquiring and selling animal hospitals.