The North American private-equity arm of Morgan Stanley Investment Management has agreed to sell veterinary clinic chain Pathway Vet Alliance LLC to consumer-focused buyout firm TSG Consumer Partners, according to people familiar with the matter. Although details of the transaction couldn’t be learned at press time, the company was expected to trade hands for at least $2 billion, including debt, said other people with knowledge of the deal. A sale at the proposed valuation stands to generate a big windfall for New York-based Morgan Stanley Capital Partners, which bought a stake in the business in 2016. Under Morgan Stanley’s ownership, Pathway has expanded rapidly. The Austin, Texas-based company owned and operated more than 30 veterinary hospitals when Morgan Stanley first invested. Since then, the company has been on an acquisition spree, rapidly consolidating veterinary clinics across the U.S.
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