After $40M equity round, Portland animal-health startup gets another investor
Rarebreed Veterinary Partners, a Portland animal-health startup that earlier this year announced it had raised $40 million in equity financing, said Monday the company has received a “substantial minority investment” from New York private equity firm Trilantic Capital Management LP.
The companies wouldn’t disclose details of the transaction. Trilantic invests in North American business services, consumer and energy sectors, and has managed six fund families with combined capital of $9.7 billion.
The investment in Rarebreed will fund its continued growth plan, with co-founders Dan Espinal, CEO, and Sean Miller, COO, retaining “meaningful” equity stakes in the business, a news release said. The two will continue to lead the company through its next phase of growth.
Rarebreed’s existing equity investors, including lead investors Caremi Partners Ltd., Northwood Ventures and Halle Capital Management, also participated in the financing round, according to the release.
Espinal, a former corporate development executive at IDEXX Laboratories Inc. (Nasdaq: IDXX), launched Rarebreed in 2018. Miller is another former IDEXX employee.
Rarebreed invests in veterinary practices and hospitals, and provides staffing, operational help and technology to improve their performance. At the time of its financing announcement in February, the company said it supported 10 veterinary practices across New England.
That number has grown to 17 practices, according to Monday’s release. They include Maine Veterinary Medical Center, a Scarborough specialty hospital for pets. Rarebreed now employs 450 people across all its sites.
“We were drawn to the opportunity to invest in Rarebreed for a number of reasons, including their flexible, partnership-oriented approach to M&A, and the team’s thoughtful investments in building a platform that leverages technology and systems to deliver value that will continue to scale,” said Jamie Manges, partner at Trilantic.
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