Gryphon Investors’ Acquisition of Heartland Veterinary Partners

William Blair served as the exclusive financial advisor to Heartland. Varagon Capital Partners served as the lead financing partner for the transaction, with NXT Capital and other lenders providing additional financing for the transaction. Winston & Strawn LLP served as legal advisor to Heartland. McGuireWoods LLP served as regulatory advisor to Heartland. Kirkland & Ellis LLP served as legal and regulatory advisor to Gryphon.

Heartland Veterinary Partners has completed a majority recapitalization with Gryphon Investors (“Gryphon”), who is investing and partnering alongside current shareholders Tyree & D’Angelo Partners (“TDP”) and management.

Heartland Veterinary Partners is a leading veterinarian-led, veterinarian-centric, growth oriented veterinary support organization.

Founded in 2016 and based in Chicago, IL, Heartland is one of the fastest growing veterinary support organizations (VSO) in the United States with nearly 100 veterinary hospitals throughout the Mid-American and Southern markets. The Company supports a network of over 200 general practice veterinarians who provide a range of animal health services to companion animals.

Based in Chicago, IL, Tyree & D’Angelo Partners is a leading lower middle market private equity firm that makes control ownership investments in businesses that generate less than $50 million of annual revenue and $1-$5 million of EBITDA.

Varagon is a leading lender to middle market companies and private equity firms. Varagon invests across the capital structure and delivers flexible financing solutions that meet the needs of its private equity partners. Since inception, Varagon has made over $12.4 billion of investment commitments to over 150 middle market companies.

The Winston deal team included Partner Greg Bynan (Picture; Chicago), Dave Bauer (Associate, Chicago), Kyle Trilling (Associate, Chicago), Lindsay Shake (Associate, Chicago) and Andrew Betaque (Partner, Dallas).

Involved fees earner: David Bauer – Winston & Strawn; Andrew Betaque – Winston & Strawn; Gregory Bynan – Winston & Strawn; Lindsay Shake – Winston & Strawn; Kyle Trilling – Winston & Strawn;

Law Firms: Winston & Strawn;

Clients: Heartland Veterinary Partners;

Author: Ambrogio Visconti