Companion News for June 18
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Compassion-First chain gets new majority owner
The owner of consumer brands Krispy Kreme and Panera Bread has purchased a majority stake in Compassion-First Pet Hospitals, a chain of 41 specialty, emergency and general practices, according to Today’s Veterinary Business. The buyer, JAB Ltd., and the seller, the private equity firm Quad-C Management Inc., placed the total value of Compassion-First at $1.215 billion, or more than $29.6 million per hospital. Compassion-First was founded in 2014 by John Payne, former CEO of the Banfield Pet Hospital network and past president of Bayer Animal Health North America. The Compassion-First chain extends from Connecticut to Arizona and includes three Red Bank veterinary hospitals in New Jersey. Payne remains an investor in Compassion-First and the company’s president and CEO.
Ares Management to sell NVA to JAB Investors
Ares Management Corporation and JAB Investors announced that a fund managed by the Private Equity Group of Ares and its minority partner, OMERS Private Equity, have signed a definitive agreement to sell National Veterinary Associates (“NVA”), one of the largest veterinary and pet care services organizations in the world, to JAB Investors, according to a release. NVA’s senior management team, including CEO Greg Hartmann, will maintain a significant minority ownership and will continue to lead the business with their deep and personal commitment to the profession. Terms of the transaction were not disclosed. Founded more than 22 years ago, NVA offers a full range of veterinary services in more than 670 companion animal veterinary hospitals and 70 pet resorts across 43 states in the United States, as well as in Canada, Australia, and New Zealand.
UVSA offering member webinar on client perspective on veterinary services
The United Veterinary Services Association (UVSA) is offering a free webinar based off a recent survey: “Competing in the Omnichannel Era: A Client Perspective on Veterinary Services” on Wednesday, June 19, 2019 at 1:00 pm Eastern. This webinar will share the full survey results gathered by Packaged Facts research director David Sprinkle. As Publisher and Research Director, David Sprinkle sets the direction for Packaged Facts’ customer insight reports, and manages the firm’s well-known pet market research program. In this context, he has presented on the veterinary services market at conference events including AVMA Economic Summit, VetHealth Global, NAVC E-Commerce Summit, and VMX. To register, visit https://register.gotowebinar.com/register/2382128624864838413
Registration open for International Conference on Animal Health Nutraceuticals
Registration is open for the International Conference on Animal Health Nutraceuticals, July 17-19, 2019 at the UW-Stout Great Hall in Menomonie, Wisconsin. ICAHN 2019 is a free two-day seminar exploring nutritional supplementation for companion animals and how emerging research in nutritional science will impact animal health and wellness in the years to come. This first-of-its-kind symposium is hosted by the University of Wisconsin-Stout and sponsored by a grant from Vets Plus, Inc. Sessions topics include probiotics, joint health, transferrin, cannabinoids and other trends in nutraceutical research. For more information or to register, visit: http://www.123formbuilder.com/form-4804168/2019-icahn-registration
CBD pet product sales continue to climb
According to Pet Product News, CBD is exploding in the pet category, and industry experts say the trend will continue. But while product formats have expanded, experts said that for pet specialty retailers to truly understand this emerging category, doing research as well as understanding terminology and function are key. For example, one product developer said that many people believe hemp extract comes from a marijuana plant and can get their animals high. But that’s not true, he explained.
Competition between veterinarians and online retailers over prescription medicines for pets heating up
Reuters reported on the battle brewing between veterinarians and online retail giants over prescription medicines for pets. With deep discounts and online convenience, Walmart Inc, soon-to-be listed Chewy.com and Amazon.com Inc’s Wag brand have effectively conquered the market for pet food, care products and other supplies, but until now veterinary practices, which both prescribe and sell drugs, have been a major source of prescription medication. While Amazon so far has shown no interest in that market, Chewy’s and Walmart’s forays into the online pet pharmacy business threaten to change that. Enter Covetrus Inc, Vet Source, which partners with Patterson Companies Inc, and others that offer tools to help vets manage their practices and give customers the convenience they have come to expect from online shopping. Read more at: https://www.physiciansweekly.com/u-s-pet-doctors-steel/
Banfield Pet Hospital speaks 350 languages
According to Today’s Veterinary Business, pet owners visiting one of six Banfield Pet Hospitals will be able to converse with the veterinary team in any of 350 languages. The company unveiled a 60-pay pilot program June 5 that utilizes a contractor, Lionbridge Technologies, to interpret for clients who speak anything from Mandarin, French or Portuguese to Vietnamese, Creole or Arabic. Clients who require interpretation will be placed on a phone call with a Lionbridge representative, who will translate for the veterinary team. “The new offering enables Banfield to provide more culturally competent veterinary care to clients by ensuring those who don’t speak English understand their pet’s diagnosis and treatment needs, with the ultimate goal of delivering even better outcomes for pets,” the company reported.
Registration opens for 2019 Veterinary Wellbeing Summit
Registration has opened for the 2019 Veterinary Wellbeing Summit, hosted by the American Veterinary Medical Association. The summit will take place in November in the Chicagoland area. It will feature veterinary and mental health experts, offer guidance and resources to help participants promote healthy workplaces, and aim to help participants learn the value of diversity and inclusion in creating a healthy work environment. Visit avma.org.
Dogs may feel your stress
The Associated Press reported that dog owners experiencing long bouts of stress can transfer it to their dogs, scientists report in a new study. The researchers found that levels of cortisol, the stress hormone, in the hair of dog owners closely matched that found in their dogs in both winter and summer months, indicating their stress levels were in sync. While they’re unsure what causes the synchronization, they found that the link is stronger with competitive dogs than in pets.
