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Warburg Pincus buys into Bond Vet, eyes national expansion on increased demand

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Healthcare and technology investor Warburg Pincus has made a $170m investment in New York veterinary care clinics Bond Vet. The firm said the funding will be invested in equipment, training, culture and technology to improve clinical experience for its users. 

Bond Vet provides pre-scheduled appointments, walk-in visits and telehealth appointments for pet wellness checkups, GP services and urgent care. It has treated more than 40,000 pets in the New York City area since its inception in 2019.

 

TJ Carella, managing director and head of healthcare at Warburg Pincus, said, “Bond Vet offers a highly differentiated value proposition, focusing equally on the experience of the pet parent, the veterinary clinician, and pets through its convenient locations, smart design, and tech-enabled platform. We look forward to leveraging our experience in multi-site healthcare to expand Bond Vet’s footprint and take advantage of the growing market and increased demand for veterinary services.”

Warburg bought into Brazilian pet shop chain Petz in 2013. AltAssets reported last year that the company was hoping to raise up to BRL3.4bn ($611m) through an IPO. The firm’s stake in the business could fall from 55.15 to as little as 5.49% following the share sale, according to the IPO prospectus. 

Warburg has made $12bn in healthcare investments and $24bn in technology companies in total.

It led a $110m series C investment round for healthcare tech business Aetion in May and agreed to back software therapy deployment platform Phil with up to $100m in June.

It was also reported in March that the firm, together with its partner General Atlantic, are considering an exit from Alignment Healthcare through an IPO of the business at a valuation of up to $3.56bn.

 Warburg closed its most recent flagship investment fund, Warburg Pincus Global Growth, on $14.8bn in 2018.

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