Aug. 18, 2022: Freeman Spogli Backs Veterinary Services
Plus, PNC Riverarch invests in medical equipment testing, and Orangewood exits aerospace and defense manufacturing business
Read the top headlines from Thursday, August 18, 2022 below:
Freeman Spogli Backs Veterinary Services Platform
EverVet Partners, a veterinary services platform, announced in a press release that it has received an investment from private equity firm Freeman Spogli & Co, backing that will help the veterinary business initiate strategic partnerships with vets and bolster its vet recruiting efforts. Tailwind Capital, the company’s existing investor, will maintain its stake in the business and, according to the announcement, “will be an equal partner with Freman Spogli following the transaction.” EverVet’s existing animal hospital portfolio is focused on the Mid-Atlantic, Midwest, Northeast and Southeast regions, and now totals 21 clinics.
PNC Riverarch Invests in Medical Equipment Testing Company
Middle-market private equity firm PNC Riverarch has invested in medical equipment testing and compliance company Medical Technology Associates (MTA), according to a recent announcement. MTA provides players in the medical gas and controlled environment industries with medical equipment testing, maintenance and certification solutions. The company will use the backing to fuel growth through organic initiatives and acquisitions, while also broadening its service offerings, the announcement noted.
Orangewood Exits Aerospace and Defense Manufacturing Business
Private equity firm Orangewood Partners announced its successful exit of George Industries, a business that designs and manufacturers engineered components for the defense, aerospace and industrial industries. Orangewood first acquired the business in 2016, and since grew the company through strategic M&A initiatives, the recruitment of a new management team, strengthened customer relationships, and enhanced product offerings.
In a separate announcement, private equity firm Behrman Capital announced its acquisition of George Industries, with the firm’s managing partner, Grant G. Behrman, noting that the company “is well-positioned to take advantage of the growing need for thermal management products servicing high-reliability industries, particularly in the defense sector.”
Related content: Aerospace and Defense: Worth the Risk for PE Firms