VCA Antech Inc. is acquiring Shelton-based Healthy Pet Corp. for $153 million, expanding the vet-clinic chain”™s paw print in Connecticut, Massachusetts and other Eastern states.
Healthy Pet has annual revenue of $80 million operating 44 animal hospitals, including four in Fairfield County. In the first quarter, VCA earned $28 million on $265 million in revenue.
The deal comes three weeks after a California chain called National Veterinary Associates was acquired for $128 million by a venture capital firm.
Healthy Pet had received feelers as well from private equity firms during the past year, said Gino Volpacchio, chief executive officer, in an interview several weeks ago.
“It”™s an industry that is very fragmented and that didn”™t have systems and service levels in place,” Volpacchio said. “It”™s a very easy business to understand.”
In 2005, Allied Capital Corp. spent $64 million for Greenwich-based Catterton Partners”™ majority stake in Healthy Pet and has retained control since.
Allied Capital indicated it will realize a $36 million gain in the transaction. The amount cited by VCA includes $79 million as repayment for debt Allied Capital has outstanding to Healthy Pet.
Healthy Pet”™s local clinics include:
? Shoreline Veterinary Referral and Emergency Center in Shelton;
? Darien Animal Hospital;
? Davis Animal Hospital in Stamford; and
? Veterinary Referral and Emergency Center in Norwalk, its largest local facility.
Healthy Pet”™s new parent runs VCA Northside Animal Hospital in Danbury.
The deal brings VCA closer to catching Banfield, The Pet Hospital. The Oregon company has the largest clinic chain in the country with more than 500 locations, including a clinic in Norwalk.
Among regionally based companies, Healthy Pet”™s largest competitor is VetCor of Hingham, Mass., which has 39 vet clinics, none in Connecticut.
