Morgan Stanley Capital Partners sells Pathway Vet Alliance stake to TSG


Morgan Stanley Capital Partners has sold a majority stake in Pathway Vet Alliance to TSG Consumer Partners.

The company operates more than 270 general practice, specialty and emergency veterinary hospitals throughout the US.

It also owns and operates Veterinary Growth Partners, a management services organisation providing value-added business planning, coaching and procurement savings to 5,500 affiliated and unaffiliated member hospitals.

A statement from TSG senior managing director Hadley Mullin and managing director Colin Welch said, “We have been impressed by Pathway’s tremendous success in building a market-leading veterinary services platform.

“The team’s deep M&A expertise, commitment to delivering best-in-class pet care, and extensive operating experience position them well to continue to acquire and develop top-tier hospitals and general practices.”

Aaron Sack, head of Morgan Stanley Capital Partners, added, “Pathway has become a market leader in the pet care sector and we are confident that the strong management team together with TSG will continue on this successful trajectory.

“We are excited to support this next phase of growth by remaining a minority partner, and look forward to seeing Pathway advance its mission.”

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