TSG Consumer Partners, a private equity firm focused exclusively on the branded consumer and retail sectors, acquired a majority stake in Austin, Texas-based Pathway Vet Alliance from investment funds managed by Morgan Stanley Capital Partners.
The amount of the deal was not disclosed.
As part of the transaction, Pathway management will continue to lead the company and retain a significant minority stake.
Founded in 2003 and led by Dr. Stephen Hadley, CEO, and Dr. Jasen Trautwein, Pathway is an owner and operator of over 270 general practice, specialty and emergency veterinary hospitals throughout the U.S. The company also operates 86 veterinary clinics under the THRIVE brand, which provide care to underserved pet families.
In addition, Pathway owns and operates Veterinary Growth Partners, a Management Services Organization providing value-added business planning, coaching and procurement savings to 5,500 affiliated and unaffiliated member hospitals.