Rarebreed Veterinary Partners, a technology-enabled animal health startup based in Portland, Maine, announced today that it has acquired Maine Veterinary Medical Center (MVMC), a specialty/referral hospital offering advanced medical care for pets, including neurology, internal medicine, oncology, ophthalmology, surgery, rehabilitation, emergency care and critical care. Deal terms have not been disclosed.
MVMC employs 150 veterinary professionals, including 21 specialty doctors and is located in a 20,000-square-foot hospital in Scarborough, Maine. The state-of-the art facility includes a newly completed 2,500-square-foot intensive care unit and a large collection of advanced veterinary medical equipment, including Maine’s only veterinary MRI and fluoroscopy suite.
“Our entire team is thrilled that MVMC’s leadership believed in Rarebreed and chose our model over other bidders offering more money,” said Rarebreed CEO Dan Espinal. “This partnership puts Rarebreed on the cutting edge of veterinary medicine and gets us into the specialty business.”
As part of the deal, 21 MVMC doctors and a collection of staff will take ownership in the company, along with Rarebreed, which acquired the majority share.
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MVMC chief of staff Ezra J Steinberg, VMD, DACVS, noted that MVMC met with multiple potential partners before choosing Rarebreed. “A primary reason for selecting Rarebreed is their commitment to preserve local control and offering equity to interested doctors and staff,” said Dr. Steinberg. “The ownership aspect of this agreement is really exciting because it means that our staff will get to participate in the economic upside of the business.”
Rarebreed Captures New Investment
Since its founding in 2018, Rarebreed has grown to 450 employees, with $40 million in revenue. In February 2020, the company announced it had raised $42 million in two rounds of equity financing including investments by Caremi Partners Limited and Northwood Investors LLC.
Rarebreed is focused on taking care of the people who take care of animals with the goal of becoming the employer of choice for those dedicating their professional lives to veterinary care. Rarebreed accomplishes this by bringing industry leading benefits to bear, including outsized parental leave, pet medical benefits, and best-in-class healthcare benefits for anyone working more than 30 hours a week. Rarebreed invests in business operations and a technology backend that provides deep analytics into the practice.
Source: BioSpace
