PRIVATE EQUITY OWNED
Ethos Veterinary Health
Includes Ethos Vet
Veterinary Specialty / Emergency · San Diego, CA
- PE Firm
- JAB Holding Company →
- Year Acquired
- 2021
JAB owns your regular vet AND the specialist they refer you to. The FTC had to step in twice.
What They Did
- JAB Holding acquired Ethos Veterinary Health through NVA in a $1.65 billion deal in 2021, then spun Ethos out as a separate specialty and emergency network.
- To clear the Ethos deal, the FTC forced JAB to sell off clinics near Richmond, Denver, San Francisco, and Washington DC.
- For 10 years, JAB has to get FTC sign-off before buying specialty or ER clinics near its existing locations in four states and DC.
- JAB has built one of the largest PE-backed veterinary empires in the country through aggressive acquisition of independent and specialty clinics.
Since the Acquisition
- When your regular vet refers you to a specialist, both may be owned by JAB — creating a closed system with no real competition
- The FTC found JAB's vet acquisitions threatened to create monopoly pricing in multiple local markets across the country
- The FTC alleged JAB's vet acquisitions threatened to create monopoly pricing in multiple local markets across the country
Sources
- FTC Takes Second Action Against JAB Consumer Partners(2022-06)
- JAB Investors' NVA Buys Ethos Veterinary Health in $1.65B Deal(2021-08)
- FTC Approves Final Order against JAB Consumer Partners to Protect Pet Owners from Private Equity Firm's Rollup of Veterinary Services Clinics(2022-10-14)
- NVA welcomes Ethos Veterinary Health, Strengthening Shared Commitment(2022-07-06)
- NVA splits into two businesses, may go public in next few years | American Veterinary Medical Association(2023-05-15)
- NVA and Ethos Veterinary Health(2023-03-27)
- FTC Acts to Protect Pet Owners from Private Equity Firm's Anticompetitive Acquisition of Veterinary Services Clinics(2022-06-13)