TodAy's VeTerinAry PrAcTice | July/August 2015 | tvpjournal.com
PrAcTice BUiLdinG
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the other side is a consortium of equipment and
service providers, each providing the consumer
their own specifc services and collaborating, where
appropriate, with strategic partners to meet the
needs of their collective customer base.
What Does it mean for the Practice?
With the market so sharply divided, it is
reasonable to anticipate competition heating
up as competitors look to displace each other's
shares of practices' business. The fnancial markets
are watching all the players in the companion
animal laboratory space to determine who will be
successful in taking, or defending, their share of
the marketplace.
As a result, practice owners may have several
good options when considering
whether to improve or expand their
in-house and reference laboratory
capabilities. in fact, if a practice
owner is thinking of adding or
changing a laboratory suite, right
now may be the best time to do so.
competition is healthy and provides
more options for customers. in this
case, increased competition may
bring new technology to many
practices that are long overdue for an
upgrade of their clinical diagnostic
capabilities.
4. CorPorAte-oWneD
PrACtiCes & exit vAlues
While many of the trends described in
this article will more indirectly effect
the veterinary practice environment,
rapid growth of corporate-owned
veterinary practices is an undeniably
direct infuence on the stand-alone
veterinary hospital.
corporate-owned practices have
continued to increase in recent years
as the investor community has been
attracted by the many positive features
of the animal health services market.
in July 2014, private equity based
Ares Management LP agreed to buy
national Veterinary Associates, one
of the largest owners of independent
veterinary hospitals in the United
states (with more than 240 hospitals
in 39 states). According to many
reports, the deal was estimated at
more than $800 million (between 11 and 13 times
earnings).
in January 2015, The ontario Teachers' Pension
Plan acquired PetVet care centers, an operator
of specialty and general practice animal hospitals
in the U. s . According to a Wall Street Journal
report the same month, this deal was worth
approximately $440 million, or an estimated 11
times earnings.
in addition, traditional corporate veterinary
groups continue to be successful, as demonstrated
by Banfeld Pet Hospitals (currently over 900
locations nationwide) and VcA Animal Hospitals
(over 600 locations nationwide) expanding their
respective platforms.
Company
Websites
coMPany WeBsiTe
Abaxis Veterinary Diagnostics abaxis.com/veterinary
Abbott Animal Health abbottanimalhealth.com
American Pet Products
Association
americanpetproducts
.org
AmerisourceBergen Corp amerisourcebergen.com
Aratana Therapeutics aratana.com
Banfeld Pet Hospitals banfeld.com
Eli Lilly lilly.com
Henry Schein, Inc henryschein.com
Heska heska.com
IDEXX Laboratories idexx.com
Kindred Biosciences, Inc kindredbio.com
MWI Veterinary Supply, Inc mwivet.com
National Veterinary Associates nvaonline.com
Novartis novartis.com
PetVet Care Centers petvetcarecenters.com
Scil Animal Care Company scilvet.com
Trupanion trupanion.com
VCA Animal Hospitals vcahospitals.com
VCA Antech antechdiagnostics.com
Virbac USA sentinelpet.com
Zoetis zoetis.com