Covetrus to Be Acquired


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Global investment firm and private equity platform will acquire the animal-health technology and services company.

Covetrus® announced that it has entered into a definitive agreement to be acquired by Clayton, Dubilier & Rice, a global private investment firm, and TPG Capital, the private equity platform of global alternative asset management firm TPG.

According to a news release, funds affiliated with CD&R and TPG Capital will acquire all outstanding shares of Covetrus common stock not already owned by affiliates of CD&R for $21.00 per share in cash, representing an enterprise value of approximately $4 billion. CD&R and its affiliates currently beneficially own approximately 24% of the company’s outstanding shares of common stock.

The following are four more things to know about the acquisition:

  • The transaction is expected to close in the second half of 2022. Completion of the transaction is subject to certain regulatory approvals and the satisfaction of other customary closing conditions, including the approval of Covetrus’ shareholders.
  • Upon completion of the transaction, Covetrus will become a private company and will no longer be publicly listed or traded on NASDAQ.
  • The Covetrus’ management team, including Benjamin Wolin, president and chief executive officer, is expected to continue to lead the company.
  • Covetrus plans to maintain its headquarters in Portland, Maine, and will continue to operate under its current brands.

What they’re saying

“This transaction is an important milestone for our company, shareholders, employees, customers and partners. Not only does this deal provide compelling value for our existing shareholders, it allows Covetrus to continue its mission to drive positive outcomes – both business and healthcare – for veterinarians across the globe. We appreciate CD&R’s support and their continued commitment to our company and the global veterinary community.” – Benjamin Wolin, Covetrus’ president and CEO and a member of its Board of Directors


“Covetrus has undergone a true transformation since our initial 2015 investment in its predecessor Vets First Choice, growing from $55 million in revenue focused primarily on online pharmacy in the US to a leading global provider of animal health services with more than $4.6 billion in revenue.” – Sarah Kim, partner at CD&R


“We are excited to have this opportunity to grow our investment in Covetrus and to do so in partnership with TPG and management.” – Ravi Sachdev, partner at CD&R


“Covetrus offers a dynamic portfolio of leading distribution and technology solutions to veterinarians across the globe.” – Jeff Rhodes, co-managing partner at TPG Capital 


“The company is at an important stage in its ongoing evolution, and we look forward to partnering with management and CD&R to further its leadership in the growing animal health space.” – Kendall Garrison, partner at TPG Capital


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