October 22, 2018
Waud Capital Launches Veterinary Services Platform with Industry Leader Vincent Bradley
Teams with proven industry executive to build a leading provider of integrated pet care services
Chicago, October 22, 2018 – Waud Capital Partners, a leading growth-oriented middle market private equity firm, today announced the launch of Heart + Paw, a new concept in the pet care market that will deliver a differentiated, integrated experience for pets and their parents. Heart + Paw is led by Chief Executive Officer Vincent Bradley, a highly-accomplished industry executive with significant veterinary services experience. Based in Philadelphia, the company has ambitious national growth plans with an initial focus on the Northeast and Mid-Atlantic regions. Heart + Paw plans to build and acquire 200+ sites in the coming years, with its first site expected to open in early 2019. Waud Capital has committed $100 million of equity capital to support the platform.
“We are excited to announce the launch of Heart + Paw with the support of Waud Capital,” said Mr. Bradley. “Pets have become the new firstborn, and we believe pet parents are seeking the best care for their four-legged family members. Our concept serves the comprehensive needs of pets and has been thoughtfully designed from the ground up, including a tailored space, novel care model and carefully curated experience across physical and digital touchpoints. Although pets are at the heart of our brand, we know that the happiness and success of our teams are also critical to the experience. Heart + Paw is committed to serving our team and empowering those noble enough to dedicate their lives to improving the lives of animals. Heart + Paw will be the destination for pets, their parents and the veterinarians and service providers that serve them.”
Previously, Mr. Bradley served as the President & Chief Executive Officer of Banfield Pet Hospital, the largest general veterinary practice in the world with more than 975 hospitals operating in 42 states, the District of Columbia, Puerto Rico and Mexico. Mr. Bradley is joined by Chief Operating Officer Teresa Fox and Chief Veterinary Officer Dr. George Melillo, who both bring extensive leadership experience in the pet care industry. In addition, key industry influencer and Chief Executive Officer of the North American Veterinary Community (NAVC), Tom Bohn, will serve as a founding board member.
“This announcement demonstrates Waud Capital’s commitment to its strategy of identifying and partnering with leading executives in targeted markets to pursue transformational growth,” said Reeve Waud, Managing Partner of Waud Capital. “We’re excited by the opportunity to approach this industry in an innovative way and believe we can build an industry-transforming business under Vincent Bradley’s leadership.”
Added David Neighbours, Partner at Waud Capital, “The formation of Heart + Paw is a result of building in depth knowledge in the veterinary services market and our partnership with an industry leading executive. Collectively, we determined that the market is ready for a novel approach, and Heart + Paw’s differentiated model will allow us to unlock significant value for all stakeholders through a strategy not pursued before.”
About Heart + Paw
Heart + Paw is an integrated pet care company serving pets and their parents. Bringing together a tailored physical space and digital experience designed for the dynamics between pets, their parents and the care team, our brand serves the modern dimensions of pet parenthood. Heart + Paw will offer veterinary care, grooming, day care, boarding, retail and other complementary services at its centers. Thoughtfully designed, digitally enabled and powered by the best and brightest, Heart + Paw will be the destination for pets and their parents. This is pet care reimagined.
For additional information on Heart + Paw, visit heartandpaw.com.
About Waud Capital Partners
Based in Chicago, Waud Capital Partners is a leading growth-oriented private equity firm with total capital commitments of approximately $2.1 billion since its founding in 1993. Waud Capital partners with exceptional management teams to build market leading companies within two industries: healthcare services and business and technology services. Since its founding, the Firm has successfully completed over 250 investments, including platform companies and follow-on opportunities.
For additional information on Waud Capital, visit waudcapital.com.
Investment Professional Contact:
Reeve Waud, Managing Partner
Nick Rust, Prosek Partners