Sell My Veterinary Practice: A 2026 Owner’s Decision Guide

By Dr. Michael Warren, co-founder, Transitions Elite.

A vet sat across from me at dinner last fall who had been thinking about selling for two years. He’d just received the third direct PE-backed offer in 90 days.

He thought he was ready to pick one.

The first offer came in around 8.5x EBITDA. The other two were within a few hundred grand of that.

To him, all three buyers were “PE-backed groups.” The numbers looked close enough. He was about to sign.

Six months later, that same practice cleared at a much higher multiple through a structured competitive process. Same financials.

Same building. Same year.

Same vets on staff. The gap was a 7-figure outcome difference.

Key takeaways

• The first decision before any buyer hears your name is which sale path you will run. The path determines the outcome more than your practice’s underlying quality does.
• A direct offer from a single PE-backed buyer is typically meaningfully lower than what the same practice clears through a structured competitive process with multiple qualified bidders. Per Octus’s 2025 private credit research, direct, single-bidder add-ons trade meaningfully lower than competitive-process outcomes on the same practice.
• Modern PE-backed deals stack four components: cash at close (the majority), earnout, rollover equity, and increasingly partnership or JV structures with a defined exit multiple at year 5.
• The decision framework for owners selling at $2M+ revenue: timeline, post-sale role, tax treatment, control needs, exit horizon, and whether real estate sells with the practice or stays in a long-term lease.
• The 2026 market backdrop is active. Capstone Partners’ April 2026 Pet Sector M&A Update reported 18 pet sector M&A deals in the first months of 2026, more than double the 8 deals in the same period of 2025. Vet & Health was half of that activity.

If you have already decided to sell your veterinary practice, the next decision matters more than the decision to sell itself. This article is the framework for that next decision.

It assumes you have already done the work of deciding — you are past “should I sell?” and into “how do I actually do this, what will it look like, and what should I expect?” The first 60 percent of this piece is about understanding what you are actually being offered. The last 40 percent is the decision framework for the sale path itself.

For owners earlier in the decision process, our complete process guide to selling a veterinary practice walks through the full sale process step by step. For owners trying to understand what their practice is worth before any of this, our veterinary practice valuation guide covers methodology and multiples.

What is actually happening in the veterinary M&A market in 2026

The 2026 veterinary practice M&A market is more active than it has been in any recent year. Capstone Partners‘ April 2026 Pet Sector M&A Update reported 18 pet sector M&A deals in the first months of 2026, more than double the 8 deals in the same period of 2025.

Vet & Health was half of that activity. The capital is moving.

A few specific things are driving the velocity. PE-backed consolidator capital deployment is accelerating after a 2022-2023 slowdown. Most of the major private equity sponsors backing US veterinary platforms (NVA under JAB Holdings, PetVet Care Centers under Ares Management, Thrive Pet Healthcare under TSG Consumer Partners, AmeriVet under AEA and Oaktree, Alliance Animal Health under L Catterton) are actively bidding for multi-doctor practices in the $2M+ revenue range.

The 2024 merger of Southern Veterinary Partners and Mission Veterinary Partners into Mission Pet Health added a major new platform with 840+ locations across 41 states per their July 2025 brand-launch announcement. Strategic activity from Mars Veterinary Health (the family-owned operator of VCA, Banfield, and BluePearl) continues at scale, with roughly 180 US clinic acquisitions reported by Mordor Intelligence in 2025.

For owners weighing whether to sell now or wait, the practical implication is that buyer demand at $2M+ revenue is high enough that well-prepared practices entering a structured competitive process have a strong field of qualified bidders. The capacity to bid is there.

The variable is how you let those bidders see your practice.

Industry M&A commentary across the PE-backed buyer pool indicates that multiples for well-run, multi-doctor general practices are running materially above where they were 18 months ago, though the spread between direct-offer outcomes and competitive-process outcomes on the same practice remains the most important variable. Octus’s 2025 sector research describes single-bidder, direct add-on multiples as “lingering in the mid- to high single digits” — well below where the same practice clears through competition.

What you actually get when you sell — the four components of a 2026 deal

When a PE-backed buyer makes you an offer in 2026, the headline number is almost never the whole number. The offer is a stack. Understanding what each component is and how each component behaves is the difference between knowing what you actually agreed to and being surprised at closing.

Cash at close

This is the dollar amount wired to you on the day the deal closes. The majority of total deal value is typically paid in cash at close, per industry M&A commentary across the PE-backed buyer pool.

The exact percentage varies by buyer, by practice profile, and by the deal terms negotiated. The cash-at-close number is the one most owners anchor on, and it is the most reliable component to evaluate. The dollar number is the dollar number.

What changes the cash-at-close number meaningfully is the structure of the rest of the stack. A higher cash-at-close share often comes with a lower headline multiple, and vice versa.

Comparing two offers requires looking at all four components, not just the cash piece.

Earnout

An earnout is part of the sale price paid after closing, only if the practice hits agreed performance targets. The standard earnout structure pays out over 2 to 4 years against multi-year EBITDA targets. The earnout is the most negotiable component of the deal stack because the targets, the measurement methodology, the payout schedule, and the protection language all get negotiated.

The risk owners need to understand on earnout is that you no longer control the practice once you have sold. The buyer’s integration decisions (staffing, pricing, branding, expansion timing, capital allocation) can directly affect whether the practice hits the earnout targets.

Strong earnout protection language — clear measurement standards, no-buyer-actions clauses, dispute resolution — is the difference between an earnout that pays out at target and one that does not.

For owners staying in a clinical role post-sale, earnout typically aligns with continued performance and is more achievable. For owners exiting fully at closing, the earnout is a bet on the buyer’s stewardship of the practice you built.

Rollover equity

Rollover equity means keeping a slice of ownership in the new entity instead of taking all cash at close. The seller’s rollover stake participates in the next exit when the PE-backed platform itself sells (typically 3 to 7 years later, sometimes through a recapitalization rather than a full exit).

The rationale for rollover equity is what the industry calls “second-bite” economics. PE-backed platforms typically exit at higher multiples than the multiples they pay for individual add-on practices.

The platform builds value through scale, operational integration, and multiple expansion at the platform level. Rollover equity captures a share of that platform-level uplift.

The mechanics matter. Rollover equity is illiquid until the next platform exit.

Rollover equity often has different rights (preferred vs common, voting vs non-voting, anti-dilution protections) than the buyer’s own equity. Rollover equity has tax timing implications — gain on the rollover portion is typically deferred to the next sale rather than recognized at closing.

For owners with continued clinical involvement and confidence in the platform’s growth trajectory, rollover equity is often the highest-return component of the deal. For owners exiting the practice entirely with no platform involvement, rollover is a passive investment whose value depends entirely on the buyer’s execution.

Partnership and JV structures

Increasingly common in 2025-2026 PE-backed deals is the partnership or joint-venture structure. The buyer takes majority ownership (typically 60 to 80 percent) and the seller retains a minority stake (typically 20 to 40 percent) with a defined exit multiple at a fixed date, usually year 5.

The partnership structure is distinct from rollover equity in two important ways. First, the exit multiple and date are negotiated upfront rather than left to the next platform sale’s timing.

Second, the seller typically continues in an operational role (clinical, leadership, or both) through the partnership period.

For owners who want to capture an outsized share of upside, who plan to stay clinically active for several more years, and who are comfortable with a defined timeline, the partnership structure can produce a materially higher total outcome than a clean sale plus earnout plus rollover. The trade-off is the ongoing operational involvement and the timeline commitment.

For owners who want to be done at closing, the partnership structure is not the right fit. The four components are tools — the right combination depends on what the owner actually wants.

The three sale paths — and why your choice determines your outcome

There are three sale paths available to a veterinary practice owner in 2026. The path you choose determines your outcome more than your practice’s quality does. Same practice, same financials, same year — three different paths produce three meaningfully different outcomes.

Path 1: Direct buyer outreach

The owner receives one or more unsolicited approaches from PE-backed acquisition teams (or from a strategic buyer like Mars Veterinary Health) and engages with one of those buyers directly. The owner negotiates the deal with their lawyer and CPA.

No advisor, no competitive process.

Typical outcome: Per Octus’s 2025 private credit research, direct, single-bidder add-on multiples have been lingering in the mid- to high single digits. The buyer’s acquisition team is professional.

The owner is, almost always, a first-time seller.

When this path makes sense:

• The owner has a specific buyer relationship and a strong preference for that buyer
• The practice is below the size threshold ($2M revenue) where the institutional buyer pool actively competes
• The owner prioritizes speed (3 to 6 months) over outcome maximization
• The owner has done the work to understand the deal terms independently

Real cost: The gap between a direct-offer outcome and a competitive-process outcome on the same $2M+ practice is consistently meaningful — often well into seven figures. The direct-offer path is not “the deal you would have gotten anyway.” It is a different deal at a different number.

Path 2: Single broker listing

The owner engages a veterinary practice broker who lists the practice. The broker markets the listing to their network, fields incoming offers, and brokers a transaction.

Brokers typically work on commission tied to deal close.

Typical outcome: Variable. A skilled vet practice broker with a strong buyer network can produce outcomes meaningfully above direct-offer baseline, particularly for smaller general practices selling to private associate buyers.

Outcomes for $2M+ practices targeting the institutional PE-backed pool are more variable. The broker model is built for matching, not for running multiple buyers through parallel competitive diligence.

When this path makes sense:

• The practice is targeting an associate buyer or smaller regional buyer
• The owner values the broker’s existing buyer relationships
• The practice is below the size threshold where structured competitive processes consistently produce step-change outcomes

Real cost: The broker model serves a real market. For $2M+ practices targeting the institutional buyer pool, the broker model typically does not produce the same outcome as a structured competitive process specifically designed for that pool.

For more on the broker landscape, see our veterinary practice brokers guide.

Path 3: Structured competitive process with a sell-side advisor

The owner engages a sell-side advisor. The advisor hand-selects multiple qualified buyers (typically 4 to 8), runs them through parallel diligence on the same practice during a defined private bidding window, and manages the resulting offers through to negotiation and close.

Typical outcome: Per Octus’s 2025 private credit research and industry M&A commentary, competitive processes consistently produce materially higher outcomes than single-bidder paths on the same practice. The mechanism is pricing leverage — buyers underwriting a practice in isolation have no reason to bid above their floor; buyers underwriting in parallel know they will lose the deal at the floor.

When this path makes sense:

• The practice is $2M+ revenue, multi-doctor, with multi-year financials and growth signal
• The owner is open to the full institutional buyer pool (PE-backed consolidators + strategic buyers)
• The owner has 12 to 18 months from “I want to sell” to closing
• The owner values maximum outcome over speed

Real cost: The advisor’s fee is typically success-based — only paid on deal close, only paid as a percentage of total deal value. The fee is a fraction of the outcome lift the competitive process produces.

At Transitions Elite, our Elite Selling System is the methodology we built for this path. We hand-select and vet every buyer who gets to bid on your practice, the way a doorman with a velvet rope lets in only the right people.

The buyers who make it inside the rope are the ones who fit your practice profile and have proven they can execute. Then we run a private competitive bidding window among that vetted group.

The pattern I see in our deal flow is consistent. Across the deals we have closed over the past four-plus years, the average multiple has landed just over 10 times normalized EBITDA. In 2025 specifically, the average climbed past 11, and the median deal cleared closer to 13. The first deals of 2026 are running in roughly that same range.

The single biggest variable explaining where any individual deal landed in that distribution is the number of qualified bidders at the table.

What pricing actually looks like at $2M+ revenue

The honest answer to “how much can I sell my veterinary practice for in 2026” is that the headline multiple depends on the path you choose, the buyer pool you reach, and the structure of the deal stack. The framework below is approximate, sourced from industry M&A commentary across the PE-backed buyer pool.

General practice (multi-doctor, $2M to $5M revenue)

Sale path	Typical multiple range	Comment
Direct offer from single PE-backed buyer	Mid- to high single digits	Per Octus 2025 sector research
Single broker listing	High single digits to low double digits	Variable; depends on broker network and practice fit
Structured competitive process	Low to mid double digits	Outcome distribution centered well above direct-offer baseline

Specialty and emergency practice ($3M+ revenue)

Specialty and emergency practices typically command higher multiples than general practices across all paths, reflecting buyer demand for specialty footprint. Specialty practices in competitive processes regularly clear in the mid- to high teens for the strongest profiles.

The increasingly active specialty acquirer pool includes Ethos Veterinary Health (now under NVA) and selected mid-tier PE-backed platforms with specialty arms.

What “well-run” actually means to a buyer

The variables buyers actually price into the multiple are documented and consistent. Multi-doctor depth (not one-doctor-dependent), multi-year revenue growth (not flat or declining), normalized EBITDA above $500K with documented add-backs, a clean P&L, a healthy associate compensation structure, and clear real estate strategy. Practices that fit this profile clear at the top of the multiple range. Practices missing one or two of these signals clear lower.

Practices missing three or more typically do not reach the institutional buyer pool at all and sell into the broker or associate buyer market.

For owners preparing a practice for sale, the 12 to 24 months before listing is the highest-leverage window for closing the gaps. Cleaning the P&L, building documented add-backs, hiring associates to reduce key-person risk, and locking down real estate are the standard preparation moves. The pre-sale preparation work typically produces multiple-point improvements that translate to millions of dollars in deal value at $2M+ revenue.

The decision framework for your specific situation

The right sale path depends on the owner’s situation, not just the practice’s profile. The framework below is the one I walk owners through over dinner when they ask me which path is right for them.

Variable 1: Timeline

How long do you have from “I want to sell” to “deal closed”? If the honest answer is less than 6 months, the path options narrow to direct buyer offer or expedited broker process.

The competitive process pathway requires 12 to 18 months including preparation work. Owners who try to compress the competitive process timeline below 6 months typically produce worse outcomes than owners who take the time to run the process properly.

Variable 2: Post-sale role

Do you want to be done at closing, or do you want to stay in a clinical or leadership role for several more years? The answer drives deal structure heavily. Owners exiting fully should weight the cash-at-close and earnout components. Owners staying clinically active should weight rollover equity and partnership structures, which capture the upside of continued involvement.

The post-sale role is a negotiated deal term across all three sale paths, but it is a more flexible negotiation inside a competitive process than inside a single-bidder negotiation.

Variable 3: Maximum outcome vs minimum disruption

Some owners genuinely value minimum process disruption above maximum outcome. The competitive process is more disruptive than a direct offer — multiple buyers visiting, diligence requests, NDAs, financial scrutiny.

Some owners would rather take the lower number and be done. The framework is explicit: the competitive process gap on a $2M+ practice is typically well into seven figures, so the “disruption discount” is real money.

Owners who genuinely value minimum disruption above that money can rationally choose the direct path. Owners who haven’t done the math should do it before deciding.

Variable 4: Real estate

If you own the practice real estate, you have additional decisions to make. Selling the real estate with the practice produces a single combined transaction, simpler tax treatment, and faster closing.

Retaining the real estate under a long-term lease back to the new operator preserves ongoing rental income, defers tax on real estate appreciation, and adds flexibility on retirement planning. Most PE-backed buyers are agnostic and will structure the deal either way. The decision is the owner’s, not the buyer’s.

For owners with significant real estate value, our veterinary practice valuation guide covers the methodology for separating practice value from real estate value.

Variable 5: Tax treatment

The tax treatment of a sale depends on the deal structure (asset sale vs stock sale), the ownership entity (LLC, S-corp, C-corp), the state of operation, and the seller’s broader tax position. The after-tax check is the number that actually matters. Two offers with identical headline numbers can produce materially different after-tax outcomes based on structure choices.

A few patterns worth knowing. Asset sales are typically preferred by the buyer (depreciation pickup, no inherited liabilities) and produce different tax timing for the seller than stock sales.

Installment sales spread the tax recognition over multiple years. Partnership structures defer tax on the retained equity to the eventual second exit.

State tax differences (no income tax in Florida, Texas, Tennessee; high income tax in California, New York) compound on a multi-million dollar exit.

Tax planning is best done with the seller’s CPA and tax attorney 12+ months before the transaction. For deeper coverage, see our tax consequences of selling a veterinary practice guide.

Variable 6: Exit horizon

Some owners want a clean exit at closing. Some owners want to capture future upside through rollover equity or a partnership structure.

The right structure depends on how the owner views the trade-off between certainty (cash now) and upside participation (illiquid equity in a platform that may or may not exit well). Owners confident in the buyer’s platform should weight rollover equity heavier. Owners who have built their practice independently and want to be done should weight cash heavier.

What your 12 to 18 month timeline actually looks like

The timeline below is the standard rhythm for a competitive process with prep included. Owners moving faster than this are typically compressing the prep phase, not the process phase.

Months 1 to 6: Preparation

This is the highest-leverage phase. The owner and their sell-side advisor work on the parts of the practice that buyers will scrutinize and price into the multiple.

Specific work includes:

• Documenting normalized EBITDA — the same profit number after stripping out personal expenses, family on payroll above market, owner pay above what a hired medical director would cost, and one-time items. The normalized figure is typically 15 to 30 percent higher than the tax-return number.
• Cleaning the financial reporting — buyers’ accountants will run a Quality of Earnings audit during due diligence. When we prepare a practice for sale, part of our work is a thorough pre-sale financial review on our side of the table, built around exactly the kind of scrutiny the buyers’ accountants will run, but before any of those buyers see your numbers. That gives us months to clean up anything that wouldn’t survive a deep audit.
• Building associate depth — practices dependent on one veterinarian command lower multiples than practices with multiple working veterinarians. Adding an associate or formalizing the role of an existing associate is high-leverage prep work.
• Locking down the real estate decision — whether selling with or leasing back, the structure should be defined before buyers see the package.
• Operational improvements with multi-quarter signal — anything that adds documented revenue growth or margin expansion in the 12 months before listing improves the multiple meaningfully.

Months 7 to 9: Process design and buyer pool

The advisor designs the process structure, drafts the confidential information memorandum (CIM), and finalizes the qualified buyer pool. The CIM is the practice’s full story documented for buyer review — financials, operational profile, growth opportunities, owner narrative.

Owner involvement during this phase is moderate; the heavy lifting is on the advisor side.

Months 10 to 12: Competitive bidding window

The defined private bidding window. Qualified buyers receive the CIM under NDA, conduct preliminary diligence, and submit indications of interest.

The advisor manages the bidder process, scores the indications, and runs the second round with the top bidders. The competitive bidding window itself runs 14 to 60 days depending on the buyer pool and the process design.

Months 13 to 15: Negotiation and due diligence

The winning bidder is selected, the letter of intent is signed, and the buyer conducts full due diligence (financial, legal, operational, regulatory). Owner involvement during diligence is intensive — document requests, site visits, key-employee interviews.

The definitive purchase agreement is negotiated in parallel with diligence.

Months 16 to 18: Closing and transition

The deal closes. Wire transfers execute.

The owner transitions into the agreed post-sale role (full exit, continuing clinical role, partnership leadership). State licensing transfers, employment agreements convert, payor contracts re-paper.

The transition period typically runs 90 days to 12 months depending on the buyer’s integration playbook and the owner’s negotiated post-sale role.

What to do next

If you have already decided to sell your veterinary practice, the most useful next step is a clear, honest valuation of where your practice sits in the market today. Not a generic multiple range, not a calculator output — a defensible number built from your normalized EBITDA, your practice profile, and the buyer pool that would actually compete for it.

That valuation is the foundation for everything that follows. It tells you whether you are at the size where a structured competitive process produces a step-change outcome.

It tells you what range of offers you should expect from the direct-offer path versus the competitive path. It tells you which deal structures will produce the highest after-tax outcome for your specific situation.

Get a Free Practice Value Estimate →

At Transitions Elite, the Free Practice Value Estimate is the first step in our process. There is no obligation to engage us after the valuation.

The number is yours. If you decide to engage, our fee is success-based — paid only on deal close, paid only as a percentage of total deal value.

We win when you win.

If the valuation supports it and you decide to engage, the work we do next is the Elite Selling System — we hand-select multiple qualified buyers, run them through parallel diligence on your practice during a defined private bidding window, and manage the process end-to-end through closing. The mechanism that produces materially higher outcomes is pricing leverage from competition, not any single negotiating tactic.

Across the deals we have closed over the past four-plus years, the average outcome has landed just over 10 times normalized EBITDA. In 2025 specifically, the average climbed past 11. The single biggest variable explaining where any individual deal landed in that distribution is the number of qualified bidders at the table when the offers were collected. The variable is the process.

The process is what we run.

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Frequently asked questions

How much can I sell my veterinary practice for in 2026?

Veterinary practice sale prices in 2026 are driven by normalized EBITDA multiplied by a multiple. Per Octus’s 2025 private credit research, multiples for typical private veterinary practices were lingering in the mid- to high single digits through Q1 2025 in single-bidder contexts, while competitive processes consistently produced meaningfully higher outcomes on the same practice.

Capstone Partners‘ April 2026 Pet Sector M&A Update reported 18 pet sector M&A deals in the first months of 2026, more than double the 8 deals in the same period of 2025. The single biggest variable on your outcome is whether multiple qualified buyers underwrite your practice in parallel.

Should I sell to a private equity buyer or a private associate buyer?

PE-backed buyers and private associate buyers serve different goals. PE-backed buyers typically pay higher headline multiples, structure deals across four components (cash, earnout, rollover equity, partnership structures), and integrate the practice into a larger platform.

Private associate buyers typically pay lower prices on a simpler structure but preserve the practice’s independence and existing culture. Owners prioritizing maximum proceeds typically benefit from running a competitive process across qualified PE-backed buyers.

Owners prioritizing legacy preservation may favor an associate sale. The decision is rarely either-or — a structured process surfaces both buyer types.

How long does it take to sell a veterinary practice?

From the engagement of a sell-side advisor to closing, the typical timeline for a competitive sale process is 5 to 10 months. The competitive bidding phase itself runs 14 to 60 days.

Owners benefit from starting practice preparation 12 to 24 months before listing. Owners moving from “I have decided to sell” to “deal closed” typically need 12 to 24 months total.

Owners trying to close a direct PE-backed offer with no prep can close faster (3 to 6 months) but typically at a meaningfully lower outcome.

Do I need a broker or sell-side advisor to sell my veterinary practice?

Selling without representation is technically possible — sole-owner sales to a known associate or to a single buyer can be transacted by the owner with their lawyer and CPA. Selling to the institutional buyer pool without representation typically produces a meaningfully lower outcome than running a competitive process.

First-time sellers operating alone face structural information asymmetry on deal terms, valuation methodology, and negotiation leverage. A sell-side advisor‘s role is to close that asymmetry by running multiple qualified bidders in parallel and managing the process end-to-end.

What is a structured competitive process and why does it produce better outcomes?

A structured competitive process is a sale path where the sell-side advisor hand-selects multiple qualified buyers, runs them through parallel diligence on the same practice during a defined private bidding window, and lets the resulting offers compete on full deal terms. The mechanism that produces better outcomes is pricing leverage — buyers underwriting a practice in isolation have no reason to bid above their floor, while buyers underwriting in parallel know they will lose the deal at the floor.

What does a 2026 PE-backed deal typically contain?

PE-backed offers in 2026 typically stack four components: cash at close (the majority of total deal value), earnout (part of the price paid later, tied to agreed performance targets over 2 to 4 years), rollover equity (a minority stake retained in the new entity, with an exit at the next platform sale), and increasingly partnership or joint-venture structures where the buyer takes majority ownership and the seller retains a minority position with a defined exit multiple at a fixed date, typically year 5.

What happens to my staff and my role after I sell?

Staff retention is one of the highest-value variables in a vet practice sale and is typically protected through the deal structure. Buyers generally want existing veterinarians and key staff to stay through the transition.

The owning veterinarian typically has options across full exit, multi-year clinical role at reduced hours, partial sale with continuing ownership, and staged transition. The post-sale role becomes a negotiated deal term alongside compensation, non-compete scope, and clinical autonomy.

Should I sell my real estate with my practice?

Practice real estate is typically a separable decision from practice equity. Owners can sell the practice and retain the real estate (collecting market-rate rent under a long-term lease back to the new operator), sell both together to a single buyer, or sell to separate buyers.

Most PE-backed buyers are flexible on real estate. Combined sales close faster; separated sales typically produce higher total proceeds when the real estate value justifies the additional complexity.

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Sources

Industry M&A research and valuation data

1. Capstone Partners. “Pet Sector M&A Update — April 2026.” capstonepartners.com
2. Octus. “Private-Credit Exposure to Veterinary Rollups.” 2025. octus.com
3. Mordor Intelligence. “United States Veterinary Services Market Analysis.” 2025-2026. mordorintelligence.com

Veterinary practice operations, benchmarks, and profession data

4. iVET360. “Understanding Your Animal Hospital’s EBITDA.” ivet360.com
5. American Animal Hospital Association (AAHA). “AAHA Veterinary Industry Tracker.” aaha.org
6. American Veterinary Medical Association (AVMA). “AVMA data and insights.” avma.org

Legal and regulatory analysis

7. Dechert LLP. “Healthcare Investments Flash Alert — 2025 Update.” dechert.com
8. Holland & Knight. “Healthcare Consolidation: 2026 Regulatory Outlook.” hklaw.com

Specific buyer corporate disclosures

9. Mars, Incorporated. “Mars Veterinary Health.” Company materials. mars.com
10. Mission Pet Health. “Brand launch announcement and operational footprint.” July 2025 press release. missionpethealth.com
11. JAB Holdings. “Portfolio overview — National Veterinary Associates.” jabholco.com
12. Bham Now. “Southern Veterinary Partners + Mission Veterinary Partners merger coverage.” bhamnow.com