| NEW YORK
NEW YORK Feb 11 National Veterinary Associates,
one of the leading private owners of veterinary hospitals in the
United States, is exploring a potential sale that could value
the company at close to $700 million, according to people
familiar with the matter.
The Agoura Hills, California-based company, backed by
private equity firm Summit Partners, is working with investment
bank Jefferies on the potential sale, the people said on
The people all declined to be identified because the matter
is private. Representatives for Summit declined to comment,
while Jefferies did not immediately respond to requests for
Founded in 1996 by Stanley Creighton, National Veterinary
Associates owns 225 animal veterinary hospitals in 39 states,
according to its website.
Boston-based Summit Partners first made an investment in the
company in 2007 for $128 million. The company now has earnings
before interest, taxes, depreciation and amortization of roughly
$60 million, and could be sold for roughly 10 to 11 times that
amount, people familiar with the matter said.
The company's largest rival is publicly traded VCA Antech
Inc. On the back of positive industry trends like
increasing pet ownership, shares of VCA Antech have soared 41
percent in the last 12 months, compared to a gain of about 20
percent in the Standard & Poor's 500 Index.