A Houston-based veterinary management company has closed on more than $12 million to help the company make more acquisitions across the U.S.
PetWell Partners LLC disclosed Jan. 5 it raised a $12.6 million equity round from 59 different investors, according to a filing with the Securities and Exchange Commission. Co-founder David Strauss declined to disclose who the investors were, but added that the investors were comprised of high-net-worth individuals and not institutional organizations.
Petwell acquires veterinary clinics and helps to modernize the facilities through new technology and better practice management. Typical acquisitions are vet shops that have been in business for more than 30 years, Strauss said. Currently, Petwell owns 19 facilities including 17 in Texas, one in Arizona and one in Virginia, he added.
Typically, Petwell doesn’t change the brands of the shops it acquires due to long-standing customer loyalty.
“(Our veterinary partners) have formed relationships over generations,” Strauss said. “They’re now seeing the pets of the grandkids of their original clients. We help modernize facilities where it makes sense.”
Prior to the most recent round, PetWell has raised at least $9.6 million in debt and equity rounds, according to previous SEC filings.