LLR Partners Makes $25 Million Equity Investment in BrightHeart Veterinary Centers

PHILADELPHIA--(BUSINESS WIRE)--LLR Partners Inc. (“LLR”) announced the completion of its $25 million equity investment in BrightHeart Veterinary Centers (“BrightHeart”), a leading operator of advanced-care veterinary hospitals across North America. Caltius Mezzanine, BrightHeart’s existing lender, also made a $3.5 million equity investment as part of the $28.5 million total financing. Previous investors in BrightHeart include founding investor Unified Growth Partners. The expansion capital will allow BrightHeart to make additional acquisitions of specialty/emergency veterinary hospitals, while executing its growth plans to support the veterinary community and provide the highest standards and greatest range of options in pet care. BrightHeart currently operates facilities in Bedford Hills, New York; Avon, Conn.; Chicago, Ill.; and Calgary, Alberta, Canada with 67 veterinarians and a total staff of over 300.

Howard Rubin, chief executive officer of BrightHeart, said, “We are pleased to welcome LLR as an important partner as we continue to execute our growth strategy. Their prior investment experience in the companion animal sector combined with their enthusiasm for our growth strategy convinced us that they would add significant value to our corporate structure as we begin to broaden our footprint across North America. More importantly, we believe that LLR, like BrightHeart itself, is fully committed to growing this business with a core focus on making each BrightHeart facility a center of veterinary medical excellence. They understand that our objective is to use all our resources to provide better care for pets entrusted to our care, better support to referring veterinarians, and more options for pet owners.”

Howard Ross, co-founder of LLR, said, “BrightHeart has quickly established itself as a leading provider of quality veterinary care and we are delighted to partner with management as they continue working with referring veterinarians to develop a network of advanced-care veterinary hospitals throughout North America.”

Greg Howorth, managing director of Caltius Mezzanine, said, “We are pleased to be increasing the size of our investment in BrightHeart. In addition to its strong management team, BrightHeart is well capitalized, and is in a strong position to continue acquiring leading specialty practices while supporting its existing locations.”

About LLR Partners

LLR is a $620 million private equity firm that provides capital to middle market companies with growth potential, proven business models and outstanding management teams. LLR makes investments of $10 million to $75 million in a broad range of investments with an emphasis on business services, healthcare, financial services and information technology. LLR seeks to create value through a variety of transactions, including expansion capital investments, buyouts and recapitalizations. For more information about LLR, please visit www.llrpartners.com.

About BrightHeart Veterinary Centers

BrightHeart’s network of advanced-care veterinary facilities works closely with referring veterinarians and pet owners to provide the highest standards and greatest range of options in pet care, giving pets the best chance to lead longer, healthier lives. BrightHeart provides its doctors and staff with outstanding career advancement opportunities, promotes greater communication with referring veterinarians, and seeks to increase public awareness of advancements available to pet owners for the medical diagnosis and treatment of pets. Additional information about BrightHeart Veterinary Centers can be found at www.BrightHeartVet.com.

About Caltius Mezzanine

Caltius Mezzanine, based in Los Angeles, manages over $500 million in assets for a diverse base of limited partners, providing flexible capital solutions to middle market companies requiring financing of $5 million to $40 million. With over 35 mezzanine debt investments since its founding in 1997, Caltius is a reliable and experienced financial partner to business owners, management teams, and equity sponsors. For more information about Caltius Mezzanine, please visit www.caltiusmezzanine.com.