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ƵAPP, the leading global pet healthcare organization, to form two distinct veterinary businesses, paving the way for eventual IPOs

ƵAPP and Ethos Veterinary Health Logos

EL SEGUNDO, Calif. – March 27, 2023 ƵAPP – National Veterinary Associates (“ƵAPP”), an approximately $6 billion revenue leading global pet care organization and community of more than 1,500 veterinary hospitals and pet resorts, today announced that it will form two distinct businesses - Ethos Veterinary Health (“Ethos”), which will consist of 145 world-class specialty veterinary hospitals, and ƵAPP, which will continue to oversee approximately 1,400 premier locations consisting primarily of general practice veterinary hospitals in addition to equine hospitals and pet resorts.

The formation of the two businesses will allow ƵAPP and Ethos to focus on their distinct strategic growth priorities and prepare for eventual IPOs of each in the next two to three years. Ethos, with run-rate revenues of approximately $2 billion, will focus for example on leading the advancement of cutting-edge medicine to extend and improve the lives of pets. Its portfolio will consist of legacy Ethos Veterinary Health, Compassion-First, SAGE, and legacy ƵAPP specialty and emergency hospitals.

ƵAPP, an approximately $4 billion revenue business and largest owner of locally branded general practice veterinary hospitals in the world, will continue to focus on ensuring broad access to high-quality care for all pet owners, advancing its multi-decade mission to provide care for the love of animals and the people who love them.

Greg Hartmann, long-time CEO of ƵAPP, will become Chairman of the combined company, in which ƵAPP and Ethos will operate as separately managed businesses, and both of which will report to incoming CEO Larry Allgaier. Mr. Allgaier brings over 30 years of consumer, healthcare and veterinary experience.

Mr. Hartmann commented, “Over the past 15 years, it has been my great honor to oversee the building of ƵAPP from a group of 85 U.S.-based hospitals to now a global leader with over 1,500 locations across the United States, Canada, Australia, New Zealand and Singapore. As we enter this new phase of our company’s history, now is the perfect time to hand the reins to a new generation of leadership to oversee this exciting new chapter, and I am extremely pleased to have Larry take the helm as CEO. I will remain a significant long-term shareholder supporting the next phase of growth, knowing that our ƵAPP community’s best years are in front of it.”

Incoming CEO Larry Allgaier stated, "Veterinarians have a vital impact on the wellbeing of society as they care for and extend the lives of pets, who so many love as family members. I feel very fortunate to work in a business supporting veterinarians and look forward to learning from the passionate and talented teams at ƵAPP and Ethos as we set upon this new chapter of growth.”

Ames Prentiss, founder of the legacy Ethos hospitals, commented, “ƵAPP’s creation of a separately managed specialty business is a landmark moment for the organization and the broader veterinary community. It enhances the locally branded, vet-centric model that has been the cornerstone of ƵAPP and was a major reason we partnered with the organization last year. I am proud to remain a major shareholder and support the Ethos team.”

John Payne, founder of Compassion-First, added, “Compassion-First was founded under the philosophy of elevating patient care to secure better outcomes. Our new structure will allow our 145 specialty and emergency hospitals to accelerate this mission as one company and further our position as the preeminent specialty practice in the world.”

David Bell, JAB Senior Partner commented, “Our ambition since our entry into pet healthcare has been to create the best, global long-term partner of choice for the entire animal healthcare ecosystem, especially with veterinarians. In the four years since our acquisition, ƵAPP has tripled in size and importantly the portfolio has evolved to become the leading provider of specialty animal care. Now is the time for us, as long-term strategic shareholders, to focus on the next several years of value creation by creating two distinct, leading veterinary businesses, as we prepare for an eventual IPO of each of them.”

About ƵAPP

ƵAPP is a leading global veterinary community of more than 1,500 independently managed veterinary hospitals providing specialty, emergency, and general practice medical care and pet resorts, united in the love of animals and the people who love them. With its mission to improve the comfort and well-being of pets by providing progressive and compassionate care, ƵAPP is committed to innovating and serving the needs of pet owners in its local communities around the world.

ƵAPP recently announced plans to form two distinct businesses: Ethos Veterinary Health, consisting of 145 specialty veterinary hospitals, and ƵAPP, which will include approximately 1,400 general practice veterinary hospitals in addition to equine hospitals and pet resorts. For more information, visit www.nva.com.

Not an Offer of any Securities

The information in this communication is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.

Forward Looking Statements

This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” and “will” and similar expressions and include references to assumptions and relate to our future prospects, developments and business strategies. Forward-looking statements contained in this communication include, but are not limited to, statements concerning our goal to eventually IPO ƵAPP and Ethos.

Forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated in forward-looking statements. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.


Amy Reilly - media@nva.com

H/Advisors Abernathy - amg-nva@h-advisors.global