BluePearl Veterinary Services

Specialty and emergency medicine for pets
Invested in
2014
Status

Acquired by Mars Petcare 2015

Location
Tampa, FL
Sector
Healthcare & Life Sciences
Sector
Healthcare & Life Sciences

"In a short time, Summit helped us improve our referral network and accelerate our practice acquisition pace. Together, we achieved much more than we thought possible."

Darryl Shaw
Founder and CEO
|
BluePearl Veterinary Services
20+

Facilities added via acquisition

100%

EBITDA growth from 2013 to 2015

3,000+

Employees

2015

Acquired by Mars Petcare

20+

Facilities added via acquisition

100%

EBITDA growth from 2013 to 2015

3,000+

Employees

2015

Acquired by Mars Petcare

BluePearl Veterinary Partners was formed in 2008 by brothers Darryl Shaw and Dr. Neil Shaw after merging their Tampa- and New York-based specialty veterinary hospitals with an existing specialty and emergency hospital in Kansas. Over the next several years, BluePearl continued to expand its operations, acquiring independent veterinarian-led specialty and emergency practices while maintaining a strong standard of care and great service to their referral base of primary care veterinarians. As rising pet ownership presented an opportunity for further growth, we believe BluePearl’s management chose Summit to help increase referral volume, accelerate the company's acquisition pace and provide liquidity to existing shareholders.

How Summit Partners Helped

  • Led a minority investment in 2014
  • Provided strategic support in sourcing, evaluating and closing acquisitions
  • Summit’s Capital Markets Team helped raise a $100 million revolving credit line to facilitate the company’s acquisition pace
  • Summit’s Peak Performance Group worked closely with management to improve the onboarding process for newly acquired facilities and to enhance the productivity of the company’s referral network
  • Offered significant support in the company’s sale process to Mars Petcare, including strategic negotiation support and financial analysis

By 2015, BluePearl had grown to 55 facilities in 18 states, employing more than 2,500 individuals across its network. The company attracted the attention of Mars Petcare, a subsidiary of Mars, Inc., which approached BluePearl to form the foundation of its global expansion strategy in the specialty and emergency veterinary market. Today, BluePearl operates as an independent subsidiary of Mars Petcare and continues its commitment to comprehensive, compassionate veterinary care.

The Portfolio Company Executive quoted herein did not receive compensation for any statements regarding Summit Partners. However, since BluePearl Veterinary Services is a former portfolio company of Summit, this individual did receive general compensation in connection with his employment by the company. In addition, this individual is not an investor in a Summit fund but may have conflicts arising from his past role with BluePearl Veterinary Services due to the company’s relationship with Summit.

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