Berkshire Partners completes investment in VetStrategy in deal valuing over US$1 billion

On July 31, Berkshire Partners acquired a majority stake in VetStrategy from Imperial Capital with a deal value of over US$1 billion. This will allow VetStrategy to further invest in their network of clinics across Canada and provide the flexibility to continue to grow through acquisitions in the coming years.

VetStrategy is Canada’s leading and largest operator of veterinary clinics. Berkshire Partners is an investment firm with a long history of partnering with Canadian companies. The goal of Berkshire Partners is to invest in growth companies and to work closely with their management teams to realize the full potential of each business.

The current investment from Berkshire Partners is the largest in a series of financings that have backed VetStrategy’s growth since 2013, helping it to keep up with demand in the Canadian market and expand its support services. Imperial Capital’s investment in VetStrategy dates back approximately seven years.

Torkin Manes LLP represented VetStrategy with a team led by
Kobi Bessin (M&A, private equity),
and including
Dania Mastrorillo,
Taryn Meyer (M&A, private equity);
Andrew Biderman,
Emer Kelly (banking);
Kay Leung,
Ted Citrome (tax);
Dan Pugen (employment);
Lindsay Kantor (regulatory);
Ken Beallor,
Aaron English,
Noorin Manji (real estate);
Sahil Razdan (privacy). 

Borden Ladner Gervais LLP handled Quebec transactional and regulatory matters for VetStrategy with a team led by
Neil Hazan
,
Yaniv Saragosti,
and which consisted of
Julie Abran-Côté,
Alex Wang,
Francis Lussier,
Valérie Olivier,
Catherine Beauvais (corporate),
Jeff Talbot (financial services),
Raphael Roditi (real estate),
François Longpré (employment).

Goodmans LLP represented Berkshire Partners LLC with a team including
Jon Feldman
 (M&A, private equity);
Kirk Rauliak,
Hari Marcovici,
Luke Bell (M&A);
Celia Rhea,
Karen Vadasz,
Stefanie Cardarelli (banking);
Carrie Smit,
Alan Bowman,
Michael Royal,
Chris Baxter (tax);
Michael Koch (competition);
Richard Naiberg (regulatory);
Susan Garvie (employment);
John Alton (pensions);
Catherine Lyons (environmental);
Amalia Berg (IP);
Peter Ruby (privacy);
Ira Barkin (real estate);
Tyler D'Angelo (real estate).

Torys LLP represented Imperial Capital with a team led by
Michael Akkawi
,
Zehra Sheerazi,
and that included
Guy Berman,
Crystal Chung,
Sarah Strong (corporate/M&A),
Jennifer Lennon,
Tom Stevenson (employment),
Teresa Reguly (IP),
Karen Townsend (regulatory),
Omar Wakil (competition),
Craig Maurice (tax).

Osler, Hoskin & Harcourt LLP advised the lenders with a team consisting of
Joyce Bernasek
,
Dana Saric,
Constantine Troulis,
Britt Sargent,
Hayley Larkin (financial services),
Susan Newell (health),
Gregory Wylie (tax),
Steven Dickie (employment and labour),
Julien Ranger (pensions and benefits).

The following are press releases for the deal: