Webster Capital Acquires Best Friends Pet Care
April 29, 2013, WALTHAM, MA — Webster Capital is pleased to announce its acquisition of Best Friends Pet Care from Brynwood Partners, a Connecticut based private equity firm.
Best Friends is a leading provider of services to pet owners and their companion animals, operating 42 boarding, grooming, training and veterinary centers. Webster Capital plans to expand the company through acquiring and building new locations. Concurrent with the closing of the acquisition of Best Friends, Webster is adding 6 veterinary hospitals adjacent to current Best Friends locations.
“We are excited to be investing in Best Friends at a point in time when pet ownership is on the rise.” said Robert Long, Webster Capital Senior Partner. “Pets are increasingly being treated as members of the family, and as a result, demand is rising for high quality services from boarding and day care to advanced medical procedures from veterinary specialists.
Webster Capital will be working with an experienced vet industry executive Shane Kelly to build a company that offers a full spectrum of pet services from one trusted source. “Best Friends is one of the highest quality pet services companies with remarkable loyalty from its customers. This reputation stems from the employees’ deep love of pets and attention to providing the best care possible. I am looking forward to helping the company build on its success,” said Kelly.
Brynwood Partners IV L.P., the seller of the business, will maintain a minority stake in the business. Joan McCabe, a Managing Partner of Brynwood Partners IV, said: “We feel that the strategy of combining pet boarding with pet vet services is compelling and so are excited to continue to participate with Shane and his team in building the business.”
Sawaya Segalas & Co., LLC, a leading consumer investment banking firm, acted as exclusive financial adviser to the Company in connection with the transaction,and Goodwin Procter LLP acted as legal advisor to Webster Capital.
About Webster Capital
Founded in 2003, Webster Capital is a private equity partnership which invests in healthcare services, branded consumer and business to business companies. Webster focuses on companies with EBITDA of between $3 million to $15 million and transaction values of less than $100 million. Webster Capital provides equity financing, expertise and a broad contact network for management buyouts and growth capital. For additional information on Webster Capital please visit www.webstercapital.com.
About Best Friends
With 42 centers in 18 states, Best Friends offers state-of-the-art facilities that provide pets with a safe, clean and fun environment. Best Friends is a trusted brand currently serving over 200,000 loyal clients. For additional information please visit www.bestfriendspetcare.com.