At the time of our exit, Compassion-First Pet Hospitals (“CF”) was the largest independent, specialty-focused network of pet hospitals in the United States, with 41 locations across the country.
Quad-C partnered with industry executive John Payne in 2014 to form CF, which began operations with the simultaneous affiliation of four practice groups in the mid-Atlantic / northeast region. We had been proactively pursuing an investment in the animal health sector for over a year, and we were enthusiastic about John’s thesis to develop the industry’s most collaborative and clinically-focused specialty veterinary network.
Through a series of affiliations with new practices as well as organic growth, CF expanded from being a regional leader to a national organization of high-quality hospitals with excellent local reputations.
With the support of Quad-C, management executed on a well-defined value creation plan.
Proprietary sourcing led to 41 hospital affiliations with founding veterinarians across 13 states
Investing in IT systems to drive improved efficiencies, controls and consistency
Recruiting exceptional veterinarians to drive double digit same hospital growth and create full-service specialty and emergency hospitals
Investing heavily in back-office support to build out a shared services organization, allowing the veterinarians to focus on practicing medicine rather than dealing with administrative matters
Investing substantial capital in state-of-the-art medical equipment, new facilities and IT systems to support organic growth
Fostering a culture of collaboration and patient-centric care, which attracted top-quality practices and veterinarians to CF
One of the proudest moments of our investment in CF was the company’s response to Hurricane Harvey in 2017:
After exceeding our growth plans and establishing the framework for continued future success, Quad-C exited CF in 2019 at a valuation of $1.2 billion.