Shore Capital Partners has recapitalized and combined three animal hospitals to form Southern Veterinary Partners.
Shore recapitalized Oak View Animal Hospital, Patton Chapel Animal Clinic and Williams Animal Hospital.
The combined group, headquartered in Birmingham, Alabama, plans to try to roll up animal hospitals in the southeast U.S. The company has partnered with Jay Price, a veterinarian and the owner of the three combined clinics, who will be CEO of Southern Veterinary Partners.
Shore, a Chicago-based private equity firm, says the veterinary industry is ripe for consolidation. The deal is the firm's first investment out of Shore Capital Partners Fund I LP, which has $112.5 million in committed capital. Shore is also invested in ClearPath Diagnostics, Fast Pace Urgent Care and Cumberland Therapy Services.
For more on Shore, see Breaking Away: Younger PE Pros Spin Off.