News

Feb 2022

Audax Private Debt Provides Financing to Support Add-On Acquisitions for Metalmark Capital’s Portfolio Company, Innovetive Petcare

Audax Private Debt announced that, as Administrative Agent and Sole Lead Arranger, it provided an incremental Second Lien Credit Facility to support add-on acquisitions by Metalmark Capital’s portfolio company, Innovetive Petcare (“Innovetive” or the “Company”), a leading operator of veterinary practices.

Headquartered in Austin, TX, Innovetive Petcare is a leading acquirer and operator of specialty and general practice veterinary hospitals and clinics for companion animals with over 60 clinics across the southern and eastern United States. Innovetive continues to introduce new and innovative methods to better connect with pet owners and its growing base of animal clinics and veterinarians nationwide.

“Innovetive has consistently provided best-in-class services and solutions through its growing base of veterinary clinics,” said Shehzad Ajmal, Managing Director at Audax Private Debt. “After our original financing in December of 2020, we remain excited to continue to support the business as it scales under their ownership.”

“Audax Private Debt has been a reliable and engaged financing partner for us,” said Howard Hoffen, Chairman & CEO of Metalmark. “The incremental debt commitment showcases their continued support of the Company, and we remain enthusiastic about continuing to work with the Audax team to grow the platform.”

About Innovetive Petcare

Founded in 2015 by Mark Ziller and Paul Covill, Innovetive Petcare is a leading operator and acquirer of specialty and general practice veterinary hospitals and clinics for companion animals. Innovetive primarily operates in the southern and eastern United States. For more information, please visit www.innovetivepetcare.com.

Click here to read full press release