JAB Ltd., which owns Krispy Kreme and Dr. Pepper, is entering the pet care business by acquiring a stake in Compassion-First Pet Hospitals.
Compassion-First operates a network of 41 veterinary hospitals and treatment facilities across 13 states.
Founded in 2014, it provides specialty, emergency and general veterinary care supported by seamless multidisciplinary collaboration among its veterinarians.
JAB is buying the stake from private-equity fund Quad-C Management Inc. The size and value of the stake were not disclosed.
Compassion-First has a total enterprise valuation of $1.2 billion, according to the release.
According to a press release: “Veterinary service providers who are currently investors in the company will maintain a significant stake going forward, and Compassion-First’s management team, including the Founder and CEO John Payne, will also continue to be significant investors and lead the company in the next phase of its development.”
“It has been a pleasure to work with John Payne and the Compassion-First team to create a differentiated platform in veterinary medicine,” said Tim Billings, Partner at Quad-C.
“We started with a small group of hospitals in the Mid-Atlantic region five years ago and have assembled an amazing group of hospitals across the country. Quad-C is proud to have been partners with all of the exceptional veterinarians and employees who have joined the Compassion-First family and we wish the team continued success.”