April 6, 2021

Trive Capital Announces Sale of American Veterinary Group

TAMPA, Florida & DALLAS, Texas

Trive Capital (“Trive”), the Dallas, Texas based private equity firm, has sold one of its portfolio companies, American Veterinary Group (“AVG” or the “Company”), to Oak Hill Capital (“Oak Hill”). Founded in 2015 by Trive and Latticework Capital Management (“Latticework”) and headquartered in Tampa, Florida, AVG currently operates nearly 50 veterinary practices and veterinary urgent care clinics throughout the South and Southeast United States. The Company delivers high touch practice management solutions while supporting clinical autonomy to help veterinarians at all stages of the practice lifecycle focus on the needs of their patients, instead of the needs of their business.

Since Trive’s investment in 2015, AVG experienced significant growth driven by (i) organic investment in the team and infrastructure, (ii) development of an acquisition playbook and integration of 40+ acquisitions, (iii) operational initiatives across the platform, and (iv) roll out of a de novo UrgentVet strategy. In partnership with Trive and Latticework, the management team executed on an integrated market strategy to build a highly synergistic ecosystem of general veterinary practices and UrgentVet clinics. Today, the Company is positioned to continue to partner with practice owners and veterinary professionals who share its relationship-based values and dedication to operational and clinical excellence.

Conner Searcy, Managing Partner at Trive stated, “AVG was formed to be a collaborative partner dedicated to providing strategic guidance and operational support to its practice owners and veterinarians and in turn delivering greater value to the customer. The collective efforts of the AVG management team, Latticework and Trive have resulted in a truly differentiated veterinary services platform positioned to capitalize on meaningful organic and inorganic growth opportunities. Trive has enjoyed the successful partnership with the AVG management team and Latticework and is excited to see AVG continue its success and growth under the ownership of Oak Hill.”

“It has been an incredible journey growing the Company with the support of Trive and Latticework. We shared in the vision to build a differentiated veterinary services platform with a keen focus on culture and operational and clinical excellence, while providing resources to our hospital teams to provide unmatched service to our clients and their pets,” said Craig Niebur, CEO of AVG. “The AVG team is excited to begin a new partnership with Oak Hill, who shares the same vision and offers additional experience and resources that will continue to support the Company’s growth.”

Harris Williams served as financial advisor to AVG.

About Latticework

Headquartered in Dallas, Latticework is a growth oriented private equity firm focused exclusively on the healthcare industry. Latticework leverages its over 60 combined years of healthcare experience, as well as its network of industry executives, to help companies grow and realize their full long-term value.

About Trive

Trive Capital is a Dallas, Texas based private equity firm with more than $7 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. We seek to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas.

The Trive team is comprised of seasoned investment professionals who have been involved in over 100 middle-market transactions representing in excess of $6 billion in revenue across Trive’s targeted industry sectors and situations.

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