Heartland Veterinary Partners has completed a majority recapitalization with Gryphon Investors, which is investing and partnering alongside current shareholders Tyree & D’Angelo Partners and management.

Founded in 2016 and based in Chicago, Heartland is one of the fastest growing veterinary support organizations in the United States with nearly 100 veterinary hospitals throughout the Mid-American and Southern markets. The Company supports a network of over 200 general practice veterinarians who provide a range of animal health services to companion animals. The Company has a strong track record of growth through acquisition of veterinary practices in attractive underlying markets and continues to increase its presence and add greater density in its existing geographies.

“We have thoroughly enjoyed our partnership and relationship with TDP who has supported our rapid growth to date and helped us deliver on our mission of improving the lives of our veterinarian partners,” Heartland CEO Dr. George Robinson said in a statement. “The collaborative partnership with TDP has helped set a strong foundation for growth and future success, and we are very excited about our new partnership with Gryphon to support our accelerating growth in the veterinary market. It is an exciting time for Heartland, and we appreciate the additional resources and capabilities in multi-site healthcare operations that Gryphon will bring to our partnership to further support our expansion and improve our overall capabilities.”

William Blair served as the exclusive financial adviser to Heartland. Varagon Capital Partners served as the lead financing partner for the transaction, with NXT Capital and other lenders providing additional financing for the transaction. Winston & Strawn LLP served as legal adviser to Heartland. McGuireWoods LLP served as regulatory adviser to Heartland. Kirkland & Ellis LLP served as legal and regulatory adviser to Gryphon.