Prospect Partners Funds Innovetive Petcare
Prospect Partners, LLC, a leading private equity firm, today announced that it has funded Innovetive Petcare, Inc., a new veterinary hospital operator led by animal health industry executives Mark Ziller, President and CEO, and Paul Covill, Executive Vice President.
Seasoned veterinary executives, Mr. Ziller and Mr. Covill have worked closely together for more than 15 years. Mr. Ziller’s multiple startups include two veterinary companies. TW Medical Veterinary Supply, a full-line distributor of veterinary pharmaceuticals, surgical supplies and equipment was ultimately purchased by the $1.5 billion animal health distribution business Lextron/Animal Health International.
Maneesh Chawla, a Principal of Prospect Partners, noted “Mark and Paul are talented, proven managers with a deep understanding of the animal health industry and veterinary hospital operations. They are absolutely committed, as is Prospect Partners, to investing in and building each animal practice and tocreating a highly successful hospital network.”
Mr. Ziller added, “Innovetive Petcare’s mission is to run a great business so veterinarians and their staff can focus on practicing great medicine. We will provide a suite of best-of-breed business services to support and grow the clinic, while allowing the owners to reduce business risk through financial diversification, liquidity, and, when they are ready, an exit strategy. Through Prospect Partners, we have access to the resources and capital we need to successfully acquire and invest in clinics, provide effective operational support, and develop a superior hospital network that implements best practices in management and animal care.”
Innovetive Petcare becomes the 10th platform company in Prospect Partners’ $200 million third fund, Prospect Partners III, L.P. Since 1998, Prospect Partners has built 46 unique platforms through the acquisitions of more than 115 businesses.
About Prospect Partners, LLC
Prospect Partners is a leading private equity firm investing in smaller lower-middle-market companies, managing $470 million across three funds. A highly experienced and active investor, Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues typically under $75 million. Since 1998, Prospect Partners has invested opportunistically nationwide in more than 115 companies in widely diverse niche manufacturing, distribution, and specialty service markets. Based in Chicago, the company also has an office in Menlo Park, Calif. More information is available at http://www.prospect-partners.com.