RiverGlade Capital Announces New Partnership with CityVet
Partnership will support management in the next phase of accelerated growth.
CHICAGO, April 8, 2019 /PRNewswire-PRWeb/ -- RiverGlade Capital ("RiverGlade"), a healthcare services-focused private equity firm, today announced that it has formed a new partnership with CityVet, Inc. ("CityVet" or the "Company"), a leading network of single-branded veterinary practices offering comprehensive pet care services, including medical, surgical, retail, pharmacy, boarding, grooming and wellness, across Texas and Colorado. Terms of the transaction were not disclosed.
CityVet offers a local-ownership structure, whereby lead veterinarians can become part-owners in their clinics. The Company plans to continue its growth through de novo clinic openings and tuck-in acquisitions. Additionally, the founder of CityVet, Dr. Chip Cannon, will continue as an owner, board member and leader in the business.
RiverGlade has partnered with Dr. Andy Anderson, DVM & MBA, to become Executive Chairman and interim CEO of the Company. Dr. Anderson is a proven executive in the veterinary space and has previously built a pet specialty and emergency hospital business, which was sold to BluePearl Veterinary Partners. He also played a key role in building that business until it was sold to Mars Petcare in 2015.
"CityVet offers a contemporary brand in the marketplace and a unique opportunity for veterinarians to participate in the economic outcomes of their practice. It is an honor to help accelerate the growth of this purpose-driven and values-based organization," said Dr. Anderson.
Garrick Rice, Managing Partner of RiverGlade, added, "We are thrilled to partner with CityVet, Dr. Cannon and the DVM partners and associates within the CityVet family. CityVet has a strong organic growth opportunity and a commitment to clinical excellence, with a client-first approach. RiverGlade has extensive experience partnering with founder-owned businesses that are looking to scale further to reach more patients and customers on a high-quality basis. We look forward to our partnership with CityVet as it begins its next growth phase."
About CityVet
CityVet, founded in 1999 and headquartered in Dallas, provides veterinary hospital services as well as pharmacy, boarding and grooming services. CityVet provides its pet care services through three brands: CityVet Clinics, Ruffit and CityPet Supply. The Company has differentiated itself through its DVM ownership program where practice leaders have the ability to become part-owners of their branded clinic. For more information, visit http://www.cityvet.com.
About RiverGlade Capital
RiverGlade Capital is a healthcare services-focused private equity firm that invests in founder-owned, high-quality, differentiated businesses. RiverGlade partners with companies that have demonstrated strong organic growth and where value can be accelerated through human capital investments, operational improvements, strategic planning, and dynamic organic and inorganic growth initiatives. For more information, http://www.rivergladecapital.com.
SOURCE RiverGlade Capital
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