Portland animal-health startup acquires Scarborough veterinary hospital
Rarebreed Veterinary Partners, a startup in the Portland area’s growing animal-health industry, has acquired Maine Veterinary Medical Center, a Scarborough specialty hospital for pets.
The deal was completed last week, according to a news release Wednesday, but terms were not disclosed.
Rarebreed invests in veterinary practices and hospitals, and provides staffing, operational help and technology to improve their performance.
Launched in October 2018 by Dan Espinal, a former executive at IDEXX Laboratories Inc. (Nasdaq: IDXX), Rarebreed last month said it had raised $40 million in two rounds of equity financing. At the time, the company said it supported 10 veterinary practices across New England.
The purchase of Maine Veterinary Medical Center builds on those relationships, Espinal said in yesterday’s release.
“This partnership puts Rarebreed on the cutting edge of veterinary medicine and gets us squarely into the specialty business,” he said. “The partnership will also provide important synergies between our current family of general veterinary practitioners and a highly advanced team of specialists right here in Maine.”
Maine Veterinary Medical Center provides advanced care in veterinary specialties including neurology, internal medicine, oncology, ophthalmology, surgery, rehabilitation, and emergency and critical care. The medical center employs 150 professionals at its 20,000-square-foot facility on Technology Way, and is the largest such facility in northern New England, according to the release.
The center was founded in 2007 by veterinary neurologist Alan Potthoff, who is retiring. Under terms of the deal, MVMC’s 21 veterinarians and other staff have obtained minority ownership in the business.
“A primary reason for selecting Rarebreed is their commitment to preserve local control and offering equity to interested doctors and staff,” Ezra J. Steinberg, the chief of staff, said in the release. “The ownership aspect of this agreement is really exciting because it means that our staff will get to participate in the economic upside of the business — including equity and profit-sharing.”
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