PetVet Care Centers

active

Veterinary — KKR

Deal Terms

Entry Year2018

Entry EV$3.5B

Entry Multiple14x

Leverage7x

Debt Amount$2.45B

Outcome

PIK ActiveYES

Risk Metrics

LTV (est.)70%

Debt / EV0.70x

Notes

KKR-backed vet rollup with 450+ hospitals. $2.45B debt. Aggressive acquisition pace drove multiples from 8x to 14x+. Vet shortage limiting growth. Labor costs rising. Multiple downgrades. Part of the broader vet rollup bubble alongside NVA/Mars.

Sponsor

KKR & Co.$638B AUM