Private Equity Conversations with Fexingo · 2026-07-19 · 9 min
Episode 121 of Private Equity Conversations with Fexingo drills into one of the most active roll-up sectors of the past five years: veterinary clinics. Lucas and Luna examine why PE firms see pet care as recession-resistant, how the traditional independent vet model is being consolidated into regional and national platforms, and what it means for pet owners. The hosts use a concrete case - the 2024 merger of Thrive Pet Healthcare and UrgentPet Parent to create one of the largest US veterinary networks - to unpack the economics: high recurring revenue from preventive care, fragmented supply with 60 percent of clinics still independently owned, and the tension between clinical autonomy and corporate efficiency. They also touch on lender appetite for vet-sector debt and whether consolidation could eventually push prices higher for routine procedures. A focused, data-driven look at a quiet corner of the PE roll-up machine.
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