VetPartners' market check could inspire movement for veterinary auctions hanging in the balance. – Axios

Illustration: Aïda Amer/Axios
BC Partners is mulling a nearly $3 billion sale of its U.K.-based platform VetPartners, Bloomberg reported.
Why it matters: As 2022 draws to a close, several veterinary practices reported to be in market have not yet sold. VetPartners' market check could inspire movement for other vet auctions, Axios reports.
State of play: At least five sponsor-backed platforms were reported to be in market or exploring options this year: Western Vet, Blue River Petcare, Encore Vet, CareVet and Southern Veterinary Partners.
What's happening: North Castle Partners, which kicked off a sale process for Encore Vet in April via Harris Williams, shelved the initial attempt before relaunching recently, sources tell Axios.
Yes, and: Sources say Partners Group-backed Blue River launched an auction this fall after hiring William Blair, as Axios reported in August — but one source tells Claire that process may be paused.
Be smart: In today's market, a slowdown shouldn't come as a surprise. LBO debt is more expensive, but seller valuation expectations are still reminiscent of 2021.
Yes, but: The sector's had one recent deal with a price tag that starts with the letter 'B' — VetCor's $1.1 billion-plus acquisition of People Pets & Vets in September.
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North Castle declined to comment. Partners Group did not respond to a request for comment.

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