Houlihan Lokey Advises VCP

Houlihan Lokey is pleased to announce that VCP has been acquired by Covetrus (NASDAQ:CVET). The transaction closed on July 9, 2021.

VCP is a market-leading technology platform in veterinary wellness plan administration serving approximately 1,000 veterinary practices, with over 350,000 pets currently benefiting from wellness plans enabled by VCP. Headquartered in Irvine, California, the company's end-to-end SaaS solution enables veterinary practices of all sizes to launch, manage, and monetize pet wellness plans that improve and extend pet lives as well as transform practices into highly profitable, recurring revenue businesses. VCP’s proprietary, tech-driven Business of Wellness process enables veterinary clinics to deliver plans designed to their treatment protocols and specific client needs. Practices adopting the VCP platform reported up to 10% revenue growth in the first year, with ongoing year-over-year growth and significant increases in spending per pet over time.

Covetrus is a global animal-health technology and services company dedicated to empowering veterinary practice partners to drive improved health and financial outcomes. Headquartered in Portland, Maine, Covetrus has over 5,500 employees serving over 100,000 customers around the globe. Covetrus brings together products, services, and technology into a single platform that connects customers to the solutions and insights they need to work best.

VCP’s technology platform and infrastructure will afford Covetrus new ways to provide today’s veterinarians with tools to foster stronger relationships with their pet parent clients and deliver better business and healthcare outcomes. Integrating the VCP platform with Covetrus’ robust practice management and prescription management software will enable customized wellness plans to meet the unique needs of every family and support an enhanced veterinary practice and pet parent experience.

Houlihan Lokey served as the exclusive financial advisor to VCP and assisted in initiating, marketing, structuring, and negotiating the transaction on its behalf. This transaction further enhances Houlihan Lokey’s Financial Institutions, Data & Analytics, and Healthcare groups’ track record in insurance technology, veterinary services, and third-party administration.