CHICAGO -- Willis Stein & Partners, a leading Chicago-based private investment firm, today announced that it has exited from National Veterinary Associates (NVA), a Willis Stein portfolio company and the largest private operator of freestanding veterinary hospitals in the U.S., and that Summit Partners has provided a substantial investment alongside management to continue to grow the business.
"NVA was an outstanding investment for our firm. Our success with NVA reflects our firm's long-term approach of building leading businesses in fragmented industries that exhibit strong growth potential," said Daniel Blumenthal, Managing Partner of Willis Stein & Partners. "Working closely with management, we were able to grow this classic build-up from 22 hospitals in 1997 to 96 hospitals today, while also improving margins across the portfolio of hospitals. NVA is well-positioned for continued success and growth."
Founded in 1996, Westlake Village, California-based NVA received its initial investment from Willis Stein & Partners in June 1997 to facilitate the acquisition of the initial 22 hospitals. Under the leadership of Willis Stein and Stan Creighton, Chief Executive Officer of NVA, and the NVA management team, the company embarked on a successful growth and expansion program. By focusing on acquiring hospitals with outstanding local reputations for quality animal care and strong same-hospital growth, Willis Stein and NVA management were able to drive profitable revenue growth within a veterinarian-friendly culture.
NVA was advised by William Blair & Company and Kirkland & Ellis LLP.
About NVA
NVA is based in Westlake Village, California and operates 96 veterinary hospitals in 29 states in the U.S. For more information, please visit www.nvaonline.com.
About Willis Stein & Partners
Willis Stein & Partners is a leading Chicago-based private equity firm that focuses on investments in profitable, well-managed and growing businesses in the manufacturing, consumer products and services, business services, media and publishing and health care industries. The principals of Willis Stein have made investments in more than 50 companies and manage approximately $3 billion in equity capital. For more information, please visit www.willisstein.com.
