Veterinary M&A – Tips for Buying, Selling, and Investing

About the Episode

In the M&A world, the veterinary field is changing as practices become more consolidated. Eric Lewandowski, a managing director in the KPMG Strategy consulting group, shares his insights into the appeal and growth potential of veterinary platforms. He discusses how changes in the relationship between pets and their families are being reflected in the M&A industry, the influence of technology in vet practices, the differences between corporate and clinical ownership, and private equity’s role in the evolving veterinary market.

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In this Episode

2:10 What is an aggregator, and how big is the veterinary industry in the United States?
4:07 How does the veterinary industry compare to other medical or similar niche fields?
8:00 What is the growth curve and maturity level of the pet industry?
11:22 What is the impact of pets living longer and healthier lives?
13:20 Why is M&A a veterinary industry growth strategy?
16:11 What is the impact of revenue leakage in the veterinary industry?
20:28 How does the multiple of the veterinary industry influence buy-side and sell-side interests in a transaction?
23:30 Are there many opportunities for operational improvements in the veterinary industry?
27:57 Is venture capital active in the veterinary market?
32:07 What does the future hold for the veterinary market over the next 20 to 30 years?
37:07 Are there regulatory changes that can impact veterinary platforms?
38:43 What is the biggest fear in the veterinary industry?
42:05 What beliefs are most misunderstood about the veterinary industry?
46:35 What is the most important message for investors interested in the veterinary or related industries to consider?
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Meet Our Guest

Eric Lewandowski

Eric Lewandowski

Managing Director in the KPMG Strategy Consulting Group | Detroit, Michigan

Eric Lewandowski is a Managing Director in the KPMG Strategy consulting group. While very few management consulting firms have significant experience advising in what has become one of the hottest industries in which private equity funds have invested – veterinary platforms – Eric leads veterinary strategy consulting for KPMG, counseling large private equity funds on some of the most impactful M&A deals in the industry. Eric’s experience is sought after by bulge bracket funds and veterinary platform management teams for his industry-leading work, which includes sell-side, buy-side, operational improvement, and other consulting services.

Prior to serving as a Director at KPMG Strategy, Eric was the turnaround Chief Operating Officer for a private equity-owned manufacturing company. As a result of the company’s successful turnaround, Eric received the 2021 Corporate Turnaround of the Year Award by the Global M&A Network and the 2021 Restructuring Community Impact Award by The M&A Advisor. Additionally, Eric’s work has received critical acclaim from media outlets such as Forbes, Mergermarket, The Dayton Business Journal, and others.

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