Calder Capital is proud to announce the acquisition of Waverly Animal Hospital of Lansing, Michigan, by Veterinary United of Southeastern Michigan.
Founded in 1962, Waverly Animal Hospital is a full-service animal hospital providing veterinary services, dog and cat boarding, dog daycare, bathing and grooming, and physical rehabilitation. Dr. Jennifer Raphael began at Waverly in 2001 before purchasing the Company from its founder, Dr. Charles Thrush, in 2015. Waverly Animal Hospital has grown to be one of the largest practices in the Greater Lansing Area with strong ties to Michigan State University.
Following the last eight years of dedication to Waverly, Jennifer and her husband, Will Raphael, engaged Calder Capital’s Sell-Side team to find the right successor for their eventual transition. The couple plans to stay actively involved over the next several years with Dr. Jennifer Raphael serving as the lead veterinarian of the clinic and Will Raphael continuing as the office manager.
Veterinary United is a local organization founded by Dr. Thomas Bankstahl. He has grown Veterinary United to 22 practices across Southeastern Michigan. The practices encompass a variety of services including medical care, boarding, and grooming. The Company’s family of hospitals works cohesively to elevate the level of care, comfort, and access available to pets and pet owners. The strategic acquisition of Waverly Animal Hospital is a natural fit for the Veterinary United organization.
Garrett Monroe of Calder Capital served as the lead Mergers and Acquisitions Advisor to Waverly Animal Hospital.
The Calder Capital team ran a highly competitive process during which time, 76 qualified buyers were engaged, culminating in six competitive offers received. Waverly launched to market on August 30th and had an offer accepted by Mid-December. Ultimately, the Raphaels selected a buyer with local roots, ensuring the preservation of the familiar and hometown culture for their staff and clients.
“Thank you for all your work on this, Garrett! I appreciate everything you did to be a balancer and help us get to the finish line,” shared Dr. Tom Bankstahl of Veterinary United. “Looking forward to building great things with the Waverly Team!”
“Garrett, thank you for your guidance and expertise over the last year,” Will and Jennifer commented. “We could not have done this without you. You are excellent at dealing with people and a true professional. We are so very grateful!”
“Jennifer and Will are good people and smart business owners that consistently put their employees and clients above themselves. I witnessed this selfless mentality repeatedly during my engagement with them. Their passion for animal wellness and care was contagious, and I could tell that all their staff shared this passion. Every buyer group I talked with noted that Waverly’s culture was phenomenal,” Garrett commented. “The animal hospital and veterinary practices industry is currently consolidating. Although we entertained some of the largest consolidators in the industry, Jennifer’s and Will’s primary goal was to transition the practice to a local veterinary group with a Michigan presence and familial culture (while still maximizing valuation). I am confident we accomplished the seller’s goals by selling to Veterinary United. I am excited to stay in touch with Jennifer and Will as they lead Waverly for the next couple of years in day-to-day roles as employees of Veterinary United.”
Calder Managing Partner Max Friar noted, “The veterinary M&A market is one of few intensely consolidating industries where sellers consistently have the upper hand. The Calder Team led by Garrett Monroe witnessed this firsthand with considerable buyer fervor and significant competition for Waverly. Ultimately, via a well-run market process, Jennifer and Will were able to realize a strong price, an ideal deal structure, and the right fit for the continuity of their business. That is the magic recipe that Calder prepares for all clients we represent.”
Calder Capital, LLC served as the exclusive Mergers and Acquisitions Advisor to Waverly Animal Hospital.
The terms of the transaction were not disclosed.
About Waverly Animal Hospital
Waverly Animal Hospital was founded in 1962 by Charles S. Thrush. After establishing secure relationships with staff and clients through her employment at Waverly Animal Hospital from 2001 to 2014, Dr. Jennifer Raphael purchased the Company from Charles on January 30, 2015. Waverly Animal Hospital’s primary services include veterinary care, daycare, rehabilitation, grooming, and boarding. The Company has grown to 40 employees serving the Greater Lansing area.
About Veterinary United
Veterinary United is a pet wellness and veterinary care practice group headquartered in New Baltimore, Michigan. The family of hospitals within Veterinary United has over 400 employees and 22 physical locations to care for the animals of Southeastern Michigan. The Company values the long-term success of all the practices it partners with and is dedicated to helping practices, vets, and staff grow.
About Calder Capital
Founded in 2013, Calder Capital, LLC is a lower middle market investment bank providing mergers and acquisitions advisory services to business owners, entrepreneurs, family offices, and investors across the United States. Our dedicated team of professionals combines extensive industry experience, technological innovation, negotiation savvy, and key relationships to exhibit exceptional execution. Calder’s services include mergers and acquisitions advisory, private funds and capital markets advisory, and business valuations.
