PRIVATE EQUITY OWNED
Thrive Pet Healthcare
Includes Thrive, Pathway Vet Alliance
veterinary · Austin, TX
- PE Firm
- TSG Consumer Partners →
- Year Acquired
- 2020
PE bought 450+ vet clinics, then closed the only 24-hour emergency animal hospital in an entire metro area.
What They Did
- TSG Consumer Partners acquired Pathway Vet Alliance (now Thrive Pet Healthcare) from Morgan Stanley Capital Partners in April 2020
- Operates roughly 450 veterinary locations across more than 35 states, making it one of the largest vet chains in the country
- Closed Veterinary Specialists & Emergency Services in Rochester, NY in November 2023 — the only 24/7 emergency animal hospital in the greater Rochester metro
- A Monroe County legislator asked the FTC to investigate, arguing PE consolidation of vet clinics was creating dangerous gaps in emergency animal care
Since the Acquisition
- Pet owners in the Rochester metro lost their only option for overnight or weekend emergency vet care — critically ill animals now face longer drives to distant facilities
- Veterinarians at PE-owned clinics report pressure to meet financial targets that can conflict with patient care decisions
- An Asheville Watchdog investigation found prices climbing after corporate chains buy up independent vet practices, turning the neighborhood vet into a corporate clinic with corporate pricing
Sources
- Rochester's emergency animal hospital is closing — WXXI News(2023-08-25)
- Rochester's emergency vet hospital to close; legislator asks FTC to investigate — Rochester Business Journal(2023-08-25)
- TSG Consumer Partners acquires Pathway Vet Alliance — Thrive Pet Healthcare(2020-04-03)
- Private equity is reshaping Asheville's vet clinics: 'They're circling me like a vulture' — Asheville Watchdog(2026-04-26)
- Vets fret as private equity snaps up clinics — Stateline(2024-03-29)