SPY343.38+1.37 0.40%
DIA282.95+0.92 0.33%
IXIC11,516.49+37.51 0.33%

Covetrus Makes a Strategic Investment in Veterinary Study Groups; No Terms Disclosed

PORTLAND, Maine--(BUSINESS WIRE)-- Covetrus (NASDAQ:CVET), a global leader in animal-health technology and services, announced that it has made a strategic investment in Veterinary Study Groups, Inc. (VSG), the leading

· 10/09/2020 08:04

PORTLAND, Maine--(BUSINESS WIRE)-- Covetrus (NASDAQ:CVET), a global leader in animal-health technology and services, announced that it has made a strategic investment in Veterinary Study Groups, Inc. (VSG), the leading provider of peer-to-peer learning experiences for veterinary practice leaders. VSG manages a family of more than 50 Veterinary Management Groups (VMGs) in the United States and Canada. These groups are comprised of more than 1,100 members who together own more than 1,500 veterinary practices.

This expanded relationship brings together two highly complementary organizations each dedicated to veterinary practices and committed to driving enhanced patient care, empowering veterinarians to run better businesses, and advocating for the veterinary profession. For VSG, the deeper partnership and Covetrus’ scale and portfolio of solutions is anticipated to provide tangible improvement to VMG member benefits over time, as well as identify potential new members that would benefit from the VMG experience. For Covetrus, VSG serves as an opportunity to accelerate its strategy to drive increased customer alignment.

“We have long-admired VSG as it is an iconic veterinary organization that shares our mission around enabling veterinarians in the pursuit of clinical, operational and financial success,” said Ben Wolin, president and CEO of Covetrus. “The VSG leadership team is critical to continuing the success of VMG members, and we look forward to collaborating as colleagues while driving increased value for veterinary practices and advancing our industry.”

“VSG and Covetrus share a common vision and set of values, all in support of helping veterinary practices in their pursuit of extraordinary success and advocating for the veterinary profession,” said Dr. Link Welborn, board chair, president and CEO of VSG. “We are excited about moving forward with this expanded strategic relationship, as we look to help current and future VMG members further improve their clinical outcomes and achieve greater success in their practices.”

VSG will operate as a standalone company inside of Covetrus, with their entire team joining the Company. Financial terms of the transaction were not disclosed. The transaction is not expected to impact the Company’s previously announced 2020 financial guidance.