Private Equity Is in the Doghouse Over Its Veterinary Takeovers
Our obsession with pets has turned out to be a mixed blessing for deal-hungry private equity groups.
The cost of veterinary care has risen much faster than the overall inflation rate.
Photographer: Leon Neal/Getty Images
Private equity groups are facing pushback on both sides of the Atlantic after their consolidation of local veterinary practices was followed by sky-high prices to treat our beloved pets.
While closer examination of their activities is long overdue, some of these PE “fat cats” aren’t doing as well as is often assumed when it comes to animal care: In the UK — one of the world’s most concentrated veterinary markets — profit margins and valuations have come under pressure, acquisitions and customer demand have slowed, while staff are going on strike for higher pay.