The Buyout Show with Fexingo · 2026-07-28 · 7 min
In this episode of The Buyout Show, Lucas and Luna examine the rapid consolidation of veterinary medicine by private equity firms. They start with a striking statistic: one in five veterinary practices in the US is now owned by a PE-backed group, up from virtually zero a decade ago. They discuss the acquisition playbook - buying existing clinics, aggregating them into platforms like Compassion-First or Thrive Pet Healthcare, and then layering in management fees and centralized purchasing. Luna raises concerns about rising prices for pet owners and potential impacts on care quality. Lucas shares data on how clinic revenue multiples have climbed from 6x to over 14x EBITDA in five years. They also explore the relationship with pet insurance and the risk of creating a ‘vet access gap.’ The conversation is grounded in real numbers and real decisions. #PrivateEquity #Veterinary #PetHealthcare #RollUps #Consolidation #Business #Investing #PetIndustry #MAndA #CompassionFirst #ThrivePet #VeterinaryMedicine #PetInsurance #Buyouts #HealthcareInvesting #PEPlaybook #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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