- While Cherry Tree’s animal hospital index lost about 0.5% in Q3, the broader market was up over 5%. The CAHI now lags the market over its lifetime by 22%. Even though the industry was flat, median growth, margins and multiples were up. M&A and funding activity also continued their upward trends. M&A activity levels this quarter haven’t been seen in two years. Notable acquisitions include Dechra’s $520M acquisition of Invetx, Mars’ acquisition of Cerba Vet, Inspire Veterinary Partners’ acquisition of Vetsie.ai, and Boehringer Ingelheim’s acquisition of Saiba Animal Health.
- Investment funds managed by Morgan Stanley Capital Partners, the middle-market-focused private equity team at Morgan Stanley Investment Management, acquired FoodScience, a vertically integrated provider of pet and human nutritional supplements, including VetriScience and Pet Naturals brands, from Wind Point Partners.
- The majority of the nearly 794,000 broilers being depopulated in California are in Kings and Fresno County, but an operation of 29,100 birds was also confirmed with the virus a little north in San Joaquin County.