M&A activity in the veterinary service organization sector remains active, though the market is more measured than the frenzied pace of recent years. Large-scale consolidation continues, highlighted by mega-mergers like the $8.6 billion combination of Southern Veterinary Partners and Mission Veterinary Partners, but buyers are approaching opportunities with greater discipline. Deal flow has moderated from the pandemic-era highs, yet multiples remain attractive, particularly for well-run practices.

As with dental, investor priorities have sharpened. Proven, repeatable operating models and transparent financials are crucial. Buyers are increasingly focused on practices that can show consistent growth, strong EBITDA margins, and evidence of scalable infrastructure.

Deal structures are also evolving. All-cash transactions are less common, with consideration often including seller notes and equity rollovers to align long-term interests. Retention of selling veterinarians has become a priority, as continuity of leadership and client relationships are seen as critical to sustaining value post-transaction.

Overall, the VSO M&A market remains robust and attractive, but buyers are choosier and more disciplined. Sellers who can present a clear, data-backed story—anchored by operational excellence, clinical quality, and sustainable growth—will remain well-positioned to capture premium valuations.

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“The veterinary sector is undergoing rapid transformation, driven by digital innovation and evolving care models. These shifts are laying the groundwork for continued consolidation, even as regulatory scrutiny intensifies across global markets.” Virgil Ochoa Dykema Member

 

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“Veterinary practices—especially those focused on companion animals—are increasingly viewed as resilient, high-margin investments. Their ability to generate consistent cash flow and leverage pet health data for deeper client engagement continues to attract strategic buyers and private equity alike.” Kristin A. Ornstein Dykema Member

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