Houlihan Lokey Advises Alliance Animal Health

Houlihan Lokey is pleased to announce that Alliance Animal Health, a portfolio company of LightBay Capital, has received a significant growth investment from the flagship fund of L Catterton. LightBay Capital will retain a significant minority stake. Houlihan Lokey served as financial advisor to Alliance Animal Health.

Founded in 2016, Alliance Animal Health is a multisite owner, operator, and business partner to veterinarians across the United States. Alliance Animal Health’s partnership model and infrastructure drive alignment and sustainable business growth while allowing veterinarians to continue to practice medicine independently. Veterinarians retain all the benefits of being an independent practice but gain the additional advantages associated with becoming part of a larger organization, including access to professional marketing, inventory management expertise, purchasing power, collaborative synergies, and financial resources.

LightBay Capital is a Los Angeles–based growth-focused private equity firm that applies a flexible approach to middle-market investing. Primarily focused on healthcare and business and consumer services companies, LightBay invests across the capital structure and in all market environments to help accelerate the growth of high-quality businesses.

With more than $30 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. Leveraging deep category insight, operational excellence, and a broad strategic network of relationships, L Catterton’s team of nearly 200 investment and operating professionals support management teams around the world in building strong, category-leading brands. Since 1989, the firm has made over 250 investments in consumer businesses.

Houlihan Lokey’s Healthcare Group is a leading advisor in the veterinary sector, having advised on four closed transactions in 2021. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the world. In 2021, the group closed 43 transactions and was ranked the No. 1 M&A advisor for U.S. healthcare transactions under $1 billion by Refinitiv. Houlihan Lokey’s Healthcare Group has closed more than 350 M&A healthcare transactions since its inception.