Fountain Report Excerpts May 21, 2024

Fountain Report Excerpts
  1. Main Street Capital Corporation said it has completed a follow-on investment totaling $25.9 million in Nebraska Vet AcquireCo LLC, doing business as Heritage Vet Partners P.C. Main Street completed the follow-on investment in Heritage to support Heritage’s acquisition of Muleshoe Animal Clinic PLLC, Muleshoe Vet Labs LLC and Muleshoe Vet Supply LP. Muleshoe is a mixed-animal practice in Muleshoe, Texas, that provides veterinary services, products and supplies. The follow-on investment consists of an additional first lien, senior secured term loan totaling $25.9 million and represents Main Street’s ninth follow-on investment in Heritage.
  1. Although new veterinary clinics are popping up in Washington, many more hospitals, veterinarians and support staff may be needed to meet demand amid an ongoing national shortage, Axios reports. The pandemic pet adoption boom aggravated an existing shortage, which contributed to provider burnout. Due to a severe workforce shortage, the Washington State Veterinary Medical Association earlier this year asked legislators for $5 million to fund 20 additional spots for in-state students at Washington State University’s College of Veterinary Medicine. “Not enough veterinarians are being trained to care for either our farm or companion animals,” the association said. While the legislature adjourned in March without approving the funding, association CEO Ken Gordon said it will be proposed again next year. Citing an AVMA 2024 economic analysis, Gordon said the Pacific Northwest is home to about 16% of the U.S. population but only 13.5% of the nation’s veterinarians.
  1. The Biden administration has said it will provide nearly $200 million to fight the spread of avian flu among dairy cows in the government’s latest bid to contain outbreaks that have fueled concerns about human infections with the H5N1 virus, Reuters reports. Scientists have said they believe the outbreak is more widespread based on FDA findings of H5N1 particles in about 20% of retail milk samples. The USDA will make $98 million available to provide up to $28,000 per dairy farm for efforts to contain the spread of the virus between animals and humans and for testing milk and animals for the virus, the agency said. The money includes $34 million through the CDC for testing efforts and supporting public health labs, $8 million for vaccines and $3 million for wastewater surveillance.

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