Transaction provides Thrive with enhanced liquidity and a maturity extension of all debt instruments to execute on operational initiatives and strengthen its financial profile to drive continued growth

AUSTIN, Texas, March 31, 2025 /PRNewswire/ — Thrive Pet Healthcare (“Thrive”), a leading owner and operator of a national network of over 360 veterinary hospitals, today announced the successful completion of a new financing transaction that will provide $350+ million of enhanced liquidity and extend the maturities of all of its debt instruments, providing Thrive with significant capital to execute on its operational initiatives and strengthen its financial profile to drive continued growth. This transaction was supported by 100% of Thrive’s existing lenders and its equity sponsor, TSG Consumer Partners, demonstrating confidence in the business plan and management team. 

“The successful completion of this transaction highlights the confidence of our lenders and sponsor in the strategic direction of the company,” said Tad Stahel, Chief Executive Officer, Thrive Pet Healthcare. “With a stronger financial foundation, Thrive is well-positioned to continue to serve pets, pet families, and veterinary care professionals across our footprint.”

Evercore Group LLC served as financial advisor, and Ropes & Gray LLP served as legal advisor to Thrive. PJT Partners served as financial advisor, and Akin Gump Strauss Hauer & Feld LLP served as legal advisor to Thrive’s first lien lenders, and Perella Weinberg Partners served as financial advisor, and Latham & Watkins LLP served as legal advisor to Thrive’s second lien lender.

About Thrive Pet Healthcare:

Thrive Pet Healthcare is a leading veterinary service network that uniquely delivers a continuum of care to pet families and services to veterinary hospitals. With an industry-first membership program and 360 acute, primary, and specialty providers, Thrive Pet Healthcare offers personalized, accessible care through every stage of a pet’s life and health. The veterinarian-founded organization provides premier benefits for practice staff while elevating privately held veterinary hospitals with innovative service and technology solutions. By focusing on the needs and aspirations of veterinary care providers, Thrive Pet Healthcare is supporting the well-being of the industry and raising the national bar for veterinary excellence. To learn more about Thrive Pet Healthcare, please visit http://www.thrivepetcare.com/

SOURCE Thrive Pet Healthcare

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