LOS ANGELES—July 17, 2014—Ares Management, L.P. (NYSE:ARES) announced today that a fund managed by its Private Equity Group has signed a definitive agreement to acquire the parent company of National Veterinary Associates (NVA Holdings, Inc.), the largest private owner of independent freestanding veterinary hospitals in the United States, from investment funds affiliated with Summit Partners. NVA’s senior management will retain a minority stake. Terms of the transaction were not disclosed, and the transaction is expected to close in the third quarter of 2014, subject to customary closing conditions.
NVA offers a full range of medical and surgical services in more than 240 companion animal veterinary hospitals across 39 states. As part of its mission, NVA provides the tools and resources for its veterinarians to deliver high quality care and client services that cater to the needs of its hospitals’ local communities.
“We are excited to partner with the NVA management team as long-term investors in the company,” said Nav Rahemtulla, Partner in the Private Equity Group of Ares Management. “Over the last 18 years, NVA has cultivated an exceptional reputation for providing high quality and compassionate care across its network of veterinary hospitals.”
“This investment is consistent with our strategy of partnering with best-in-class management teams, and we look forward to supporting the next phase of the company’s growth,” said Bennett Rosenthal, Co-Founder and Co-Head of the Private Equity Group of Ares Management.
“Summit has played a vital role in growing NVA for the past seven years – and we thank them for a very successful partnership. We are delighted to partner with the Ares Private Equity team as they share our vision for continued growth through identifying and supporting leading veterinary hospitals,” said Greg Hartmann, CEO of NVA.
“It has been an honor to work with Greg and his team at NVA,” said Dr. Craig Frances, a Managing Director with Summit Partners. “The team has built an outstanding organization and introduced several innovative programs to improve care across their practices. We wish them further success,” added Michael Anderson, a Principal at Summit Partners.
Proskauer Rose LLP acted as legal advisor to Ares Management. Kirkland & Ellis LLP acted as legal advisor, Jefferies LLC acted as lead financial advisor and William Blair & Company acted as co-financial advisor to National Veterinary Associates.
Ares Management, L.P. (NYSE:ARES) is a leading global alternative asset manager with approximately $77 billion of assets under management and approximately 700 employees in more than 15 offices in the United States, Europe and Asia as of March 31, 2014. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole.
The Ares Private Equity Group manages approximately $10 billion of assets and is currently actively investing its fourth private equity fund, ACOF IV, which has $4.7 billion of committed capital. The Ares Private Equity Group pursues majority or shared-control investments, principally in middle market companies with strong business franchises and in situations where its capital can serve as a catalyst for growth. Ares Management’s Private Equity senior partners average more than 20 years of experience investing in, controlling, advising, and restructuring companies. Visit www.aresmgmt.com for more information.
Forward Looking Statement:
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares’ filings with the Securities and Exchange Commission. Ares’ undertakes no duty to update any forward-looking statements made herein.
About National Veterinary Associates
National Veterinary Associates is the largest private owner of freestanding veterinary hospitals in the United States with more than 240 locations in 39 states. NVA supports more than 4,000 veterinary professionals and 850 veterinarians who provide a full range of medical and surgical services to local communities. Our mission is to improve the comfort and well-being of patients by providing progressive and compassionate veterinary care. We develop a team of individual hospitals that share knowledge to achieve sustainable growth. Visit www.nvaonline.com for more information.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that has raised more than $16 billion in capital. Summit has invested in more than 385 companies in technology, healthcare, and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales. Notable healthcare companies financed by Summit Partners include AmeriPath, HealthCare Partners, Lincare and MEDNAX. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
For Ares Management
Carl G. Drake