Morgan Stanley Global Private Equity Completes Investment in Pathway Partners
August 22 2016 - 9:00AM
Business Wire
Investment funds managed by Morgan Stanley Global Private Equity
(collectively, “MSPE”) announced today that they have completed an
investment in Pathway Partners Vet Holding LLC (“Pathway” or the
“Company”). Founded by Dr. Jasen Trautwein in Austin, TX and led by
CEO Shawn McVey, Pathway is a leading veterinary hospital owner and
operator. MSPE is partnering with Dr. Trautwein, Mr. McVey and the
management team, who will remain in place and retain a significant
minority stake in the Company.
Pathway owns over 30 general and specialty veterinary hospitals,
and, together with their talented veterinarians and staff, are
dedicated to providing the highest and most ethical standard of
patient care. Pathway seeks to be a partner of choice for
veterinarians wishing to realize some personal liquidity while
retaining a minority interest in a rapidly-growing and
‘vet-friendly’ holding company. The Company provides systems and
processes to enhance productivity and improve medical services
while maintaining the practice’s local culture and community
identity.
Pathway and MSPE intend to grow meaningfully in the coming years
through organic and acquisition-driven growth. Additionally, as
part of the transaction, Pathway is acquiring a majority interest
in Thrive, a new veterinary clinic concept focused on affordable
and convenient care.
Aaron Sack, co-head of Morgan Stanley Global Private Equity,
said, “We are excited for the opportunity to partner with Pathway.
Morgan Stanley Global Private Equity has a history of investing in
founder-owned companies in attractive industries. Dr. Trautwein and
his talented leadership team represent one of the highest quality
platforms in the fragmented yet consolidating veterinary services
space.”
Gary Matthews, managing director and operating partner of Morgan
Stanley Global Private Equity, added, “The Company’s strong culture
and dedication to patient care have positioned Pathway as an
industry leader. We look forward to collaborating with Pathway’s
talented management team to drive organic and acquisition-fueled
growth.”
Dr. Trautwein, founder of Pathway, said, “We are excited to
partner with Morgan Stanley Global Private Equity and enter a new
phase of growth. We are proud of the platform we have established
and expect this new partnership to deliver significant value as we
expand. Our unique value proposition combined with our unmatched
network of relationships with leading veterinary practice owners
makes Pathway the partner of choice in a rapidly consolidating
marketplace.”
Shawn McVey, CEO of Pathway, said, “We have looked long and hard
for the right partner and for us, Morgan Stanley Global Private
Equity couldn’t be a better fit to help us grow.”
Debevoise and Plimpton LLP served as legal counsel for MSPE.
Financing for the transaction was provided by Antares Capital,
L.P.
About Morgan Stanley Global Private Equity
Morgan Stanley Global Private Equity, the middle-market focused
private equity business of Morgan Stanley Investment Management, is
a leading middle-market private equity platform that has invested
capital in a broad spectrum of industries for over two decades.
Morgan Stanley Global Private Equity focuses on privately
negotiated equity and equity-related investments primarily in North
America, as well as Europe and other regions and seeks to create
value in portfolio companies primarily through operational
improvement. For further information about Morgan Stanley Global
Private Equity, please visit www.morganstanley.com.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its
investment advisory affiliates, has more than 590 investment
professionals around the world and $406 billion in assets under
management or supervision as of June 30, 2016. Morgan Stanley
Investment Management strives to provide outstanding long-term
investment performance, service and a comprehensive suite of
investment management solutions to a diverse client base, which
includes governments, institutions, corporations and individuals
worldwide.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services
firm providing investment banking, securities, wealth management
and investment management services. With offices in more than 43
countries, the Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals. For
further information about Morgan Stanley, please visit
www.morganstanley.com.
CRC 1574049 08/2016
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version on businesswire.com: http://www.businesswire.com/news/home/20160822005503/en/
Morgan StanleyMedia Relations:Lauren Bellmare, 212-761-5303
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