Houlihan Lokey Advises Gryphon Investors (2)

Houlihan Lokey is pleased to announce that Gryphon Investors has made a majority investment in Heartland Veterinary Partners (Heartland), a leading veterinary support organization in the Mid-American and Southern U.S. markets. Tyree & D'Angelo Partners (TDP) and management will retain minority stakes alongside Gryphon. The transaction closed on December 12, 2019.

Headquartered in Chicago, Illinois, Heartland is one of the highest quality and fastest growing veterinary support organizations in the United States, with approximately 100 veterinary practices across the Mid-American and Southern markets. The company is focused on providing high quality general veterinary services to companion animals and has an exceptional reputation within the industry due to its veterinarian-centric mission, vision, and values. Heartland's footprint continues to rapidly expand through the successful execution of veterinary practice acquisitions and partnerships with independent practicing veterinarians focused on delivering general veterinary services to companion animals.

Based in San Francisco, California, Gryphon Investors is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $100 million to $300 million in portfolio companies with sales ranging from approximately $100 million to $500 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon's capital, specialized professional resources, and operational expertise.

Houlihan Lokey served as the financial advisor to Gryphon in the Heartland transaction. This transaction highlights Houlihan Lokey's continued leadership within the multisite and retail healthcare sector, having closed 50 transactions in this space since 2016, including 15 over the past twelve months. Houlihan Lokey's Healthcare Group is among the largest dedicated healthcare investment banking groups in the country. In 2018, Houlihan Lokey was ranked the No. 1 M&A advisor for all U.S. healthcare transactions by Thomson Reuters.