New York, NY, JANUARY 9, 2019 – BBH Capital Partners (“BBHCP”) announced today that it has completed a recapitalization of Ethos Veterinary Health LLC (“Ethos” or the “Company”). Headquartered in Woburn, Massachusetts, Ethos is one of the largest pure-play independent providers of specialty veterinary health services, including 24/7 emergency care, surgical procedures, radiology services and internal medicine. Ethos operates 21 specialty and emergency hospitals and employs over 300 doctors of veterinary medicine. In addition, Ethos provides a complementary suite of reference laboratory and compounding pharmacy services and has developed a well-regarded continuing education and training platform to support the ongoing professional development of its veterinarians and technicians.
Ethos has earned a national reputation among veterinary professionals for providing exceptional quality-of-care, world-class professional development as well as a veterinarian-first culture. After the recapitalization, Ethos remains majority owned by its founders and professionals in the veterinary industry under the leadership of CEO and Co-Founder Ames Prentiss and is well capitalized to further accelerate a growth strategy that will continue to focus on expanding existing hospitals, acquisitions and growth of the complementary suite of services.
Bradley M. Langer, Managing Director at Brown Brothers Harriman & Co. (“BBH”) and Co-Manager of BBHCP, commented, “We are very excited about our recent investment in Ethos, as we have been seeking a specialty veterinary health services platform for the past several years. The opportunity to partner with Ames Prentiss, along with the senior management team, was very attractive to BBHCP, as Ethos has developed a reputation as an innovative, clinically driven industry leader. BBH and BBHCP have had the opportunity to build a relationship with Ames and the Company for the past several years. Ethos is a well-established specialty veterinary company given its existing base of hospitals and its long-standing presence in its geographic markets. We look forward to partnering with the Ethos team on the next phase of the Company’s growth.”
Prentiss added, “We look forward to working with BBHCP in continuing to grow Ethos, both organically and through acquisitions, as we seek to capitalize on the demand for specialty animal health services. BBHCP has a long history of investing in founder-owned and owner-operated businesses, shares the strategic vision of the founders and the senior management team and appreciates the importance of Ethos continuing to be, first and foremost, a clinically excellent veterinary services company that offers attractive long-term career opportunities for those wanting to practice veterinary medicine.”
About Ethos Veterinary Health LLC
Ethos is a veterinary health company with hospitals across the U.S. providing advanced veterinary medicine and high-quality, compassionate care that improves the lives of pets and their owners. Additionally, Ethos offers a suite of complementary services, including a reference laboratory, a compounding pharmacy and VetBloom – an innovative learning ecosystem. Our approach includes a focus on transformative science, continuous learning and growth for team members, and collaboration. For more information, please visit www.ethosvet.com.
About BBH Capital Partners
BBH Capital Partners (“BBHCP”), a private equity strategy of Brown Brothers Harriman & Co., provides friendly capital solutions to growth-oriented middle-market companies. Our flexible investment mandate gives us the ability to act as a control or non-control investor and to structure our investments as a combination of equity and subordinated debt securities as needed. BBHCP typically invests between $30 million and $125 million per platform investment, and our capital is used to support a variety of transactions, including management or leveraged buyouts, growth financings, recapitalizations (including dividend recapitalizations), buy-and-build strategies and acquisitions.
About Brown Brothers Harriman
BBH is a privately held financial institution that has been a thought leader and solutions provider for more than 200 years. The firm serves individuals, families, businesses and institutions in its three business lines: Private Banking, Investment Management and Investor Services. BBH’s culture of accountability fosters deep and lasting relationships built on commitment, adaptability and trust. The company is independent, selective and specialized by design.
BBH Private Banking’s mission is to be the pre-eminent provider of advice and capital to private business owners and people of substantial wealth to help them create, transition, preserve and grow their wealth. The firm serves both corporate and private clients in the following products and services: Private Wealth Management, Corporate Advisory & Banking and Private Equity.
BBH operates a global business with 18 locations, including Beijing, Boston, Charlotte, Chicago, Denver, Dublin, Grand Cayman, Hong Kong, Jersey City, Kraków, London, Luxembourg, Nashville, New York, Philadelphia, Tokyo, Wilmington and Zürich.
For more information about Brown Brothers Harriman, please visit www.bbh.com.
BBH is a registered service mark of Brown Brothers Harriman & Co. in the U.S. and other countries.