Private Equity Is Reshaping Veterinary Care: An opinion piece (#282)

Over the past decade, a quiet revolution has transformed the veterinary industry.

Once dominated by independent, family-run practices, the veterinary industry is now heavily influenced by private equity (PE) firms and corporate consolidators.

While this shift has introduced new resources and efficiencies, it is also implicated in triggering a sharp rise in costs.

Private Equity and Vet Care

Private equity firms specialize in buying businesses, streamlining operations, and selling them at a profit within a few years. Veterinary practices, with their stable cash flow, loyal clientele, and growing demand for pet care, became an ideal investment target.

In recent years, PE-backed firms and conglomerates have rapidly acquired thousands of clinics, often rolling them into large national or international brands.

Familiar names like VCA, Banfield, BluePearl, Thrive, VetCor, and NVA are now part of this expanding corporate network.

Many are owned or influenced by investment giants like Mars Inc., JAB Holding Company, and Silver Lake.

Positive Impacts of Private Equity

Private equity has brought some tangible benefits to the veterinary field:

• Investment in Technology and Facilities. Corporate-backed clinics often receive updated diagnostic equipment, digital records systems, and access to 24/7 specialty care.

• Standardized Protocols: Consolidation allows for consistent medical protocols and quality control, potentially improving outcomes for pets across multiple locations.

• Career Paths for Veterinarians: Large chains offer career development tracks, continuing education, and benefits that small clinics may struggle to provide.

• Expanded Access to Services: With better funding, some groups offer wellness plans, urgent care, and telemedicine services that clients might not find at small practices.

Negative Impacts of Private Equity

The shift to corporate ownership has brought downsides that are hard to ignore, especially when it comes to cost and quality of care.

• Soaring Prices for Pet Owners: Once-independent clinics acquired by PE firms often raise their prices significantly. With fewer alternatives, especially in suburban or urban areas, clients have little choice but to pay more.

• Revenue Pressure on Vets: Many vets working in PE-owned practices report being pressured to meet monthly financial targets. This can lead to upselling of diagnostic tests or procedures, even when they may not be strictly necessary.

• Loss of Autonomy: Veterinarians who once had control over clinical decisions now answer to regional managers, corporate boards, and profit metrics. This may erode morale and professional satisfaction.

• Opaque Ownership: Some large groups maintain the local clinic’s name and branding, making it difficult for clients to know who’s really behind the practice. This lack of transparency can undermine trust.

Corporate Consolidation Snapshot

• Mars Inc., a family owned company, owns Banfield, BluePearl, VCA, and several European chains, controlling thousands of vet clinics worldwide.

• National Veterinary Associates (NVA), owned by JAB Holding Company, runs over 1,500 practices.

• VetCor, backed by Harvest Partners, operates over 800 locations.

• IVC Evidensia, backed by Silver Lake, controls 2,000+ clinics in the U.K., Europe, and Canada.

Veterinarians working in these networks often describe an environment where business considerations are prioritized over animal welfare.

Meanwhile, pet owners are left wondering why a basic consultation and blood test now costs as much as a minor procedure used to.

In the U.K., the Competition and Markets Authority (CMA) has launched an investigation into the consolidation of veterinary services and its impact on pricing. Is this a sign that regulators are starting to take notice?

Rick’s Commentary

While corporate investment has modernized many clinics, it has also reshaped the culture of care, and placed financial strain on both clients and caregivers.

For pet owners, the best strategy is to stay informed.

Ask who owns the clinic.

Request itemized estimates.

Don’t be afraid to seek a second opinion.

For vets, this may be a moment to advocate for balance.

High standards of care and financial sustainability can coexist without compromising integrity or compassion.

Private equity in veterinary medicine is here to stay. The challenge is ensuring PE serves not only shareholders and investors, but also the animals, caregivers, and communities who rely on the veterinary profession every day.

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