OMERS Private Equity, the private equity arm of OMERS, the pension plan for municipal employees in Ontario, announced on July 6th, 2017 that it has entered into a definitive agreement to acquire a minority stake in National Veterinary Associates ("NVA"). The transaction is in partnership with NVA’s leadership team and funds affiliated with Ares Management, L.P. (NYSE:ARES), which will continue as the majority equityholder of NVA. Financial terms of the transaction were not disclosed. The transaction is expected to close during the third quarter of 2017, subject to certain closing conditions.
NVA is the largest independent owner-operator of veterinary hospitals, pet boarding and daycare centers in the United States, Canada, Australia, and New Zealand with 502 locations and more than 1,800 affiliated veterinarians. NVA partners with leading hospitals which offer a full range of medical and surgical services within their local communities, and invests to support the needs of veterinarians as they deliver high-quality, compassionate care to companion animals and the people that love them. As one of the leading veterinary practice management organizations, the broad range of support services NVA provides to affiliated companion animal veterinary practices leaves veterinarians free to do what they do best – focus on pet care.
“We’re proud of the work we do every day to support more than 1,800 veterinarians and 7,000 team members at NVA practices around the country as they provide high-quality care to pets,” said Greg Hartmann, Chief Executive Officer of NVA. “We are very pleased to continue our partnership with Ares, and we are collectively eager to welcome OMERS Private Equity as an investor. We are excited for the additional value and support for growth that this new investment will bring as we continue to execute on our strategy of partnering with veterinarians in ways that help support the delivery of quality medicine to pets and outstanding service to clients. We also believe partnering with such a respected Canadian and international investor will help as we continue to execute on our growth strategy in the U.S., Canada and abroad."
Proskauer Rose LLP acted as legal counsel to NVA. Sidley Austin LLP acted as legal counsel to OMERS Private Equity. Jefferies LLC acted as lead financial advisor and William Blair & Company, L.L.C. acted as co-financial advisor to NVA in the transaction.