NVA gets $128 million from investment firm, plans more acquisitions
WESTLAKE VILLAGE AND PALO ALTO, CALIF. — National Veterinary Associates (NVA), the nation's largest private owner of free-standing companion-animal hospitals, announced that it received a $128 million investment from Summit Partners, a private equity and venture-capital firm.
Formed in 1996, NVA owns 96 full-service animal hospitals in 29 states and employs a staff of 1,800, including 300 veterinarians.
Stan Creighton, DVM, founder, chairman and chief executive officer of NVA, says the firm focuses on buying veterinary practices "that have demonstrated strong leadership and provided outstanding patient care and client services. The majority of our hospitals have operated in their communities more than 25 years, and their veterinarian owners care passionately about the practices they built. They want the hospitals to continue to be outstanding practices after they join us."Creighton says Summit's investment will help "accelerate our growth by identifying and completing more acquisitions." Owners of practices that NVA acquires can remain involved as clinicians and leaders with NVA.
Dr. Craig Frances, general partner of Summit Partners, says, "We knew from our initial visit that the company's unique culture does not stifle the independence of these veterinary hospitals." NVA's management team is located in Westlake Village, Calif., and Greenwood Village, Colo.
Summit Partners, formed in 1984, has raised about $9 billion in capital in its private equity, venture capital and subordinated debt funds, providing financing to more than 285 companies. It has offices in Boston, Palo Alto, Calif., and London.