Business acquisition opportunity
Companion animal veterinary practice group, the Pacific Northwest
Anonymised as Project Redwood
Anonymised mandate, codename PROJECT REDWOOD
Companion animal veterinary practice group, the Pacific Northwest
Companion animal general practice with urgent care capability
Why this business is called Project Redwood
Project Redwood is a working codename, chosen at random by DealFlowAgent (DFA) and standard practice in mergers and acquisitions. It exists so the business can be discussed with acquirers, funders and advisers without naming the company or alerting its staff, customers and competitors. The codename is not connected to the company, its brand or its trading name, and searching for it online will return nothing about this business. Everything you need in order to judge fit is on this page in banded form. The company is named to one verified acquirer only, after the owner approves that specific introduction in writing.
A veterinarian-founded companion animal group operating clustered hospitals across the Pacific Northwest, with in-house imaging and laboratory diagnostics and extended urgent care hours. The wellness plan base gives visit frequency that a standard general practice does not have. Not on the market, and no banker engaged.
Verified acquirers only. A short non-disclosure agreement releases the financial pack, the reserve figure and the contract base analysis. Identity is disclosed at the third gate, with the owner's written approval.
Indicative value range
$18M to $42M
Derived from comparable UK transactions in this sector over the last 24 months. This is a market reference, not the owner's number. The reserve is set separately and disclosed under non-disclosure agreement.
- Sector
- Companion animal veterinary
- Region
- Pacific Northwest
- Ownership
- Veterinarian-founded
- Outside capital
- None
- Structure sought
- 60% to 100%
- Adviser status
- Unrepresented
$12-16M
Revenue
17-22%
EBITDA margin
5 to 8
Hospitals
Several thousand
Wellness plan members
Above 5 years average
Doctor tenure
Extended, in house
Urgent care hours
Imaging and laboratory in house
Diagnostics
15+ yrs
Trading history
Why every figure is a band
Companies on this register are real businesses with staff, customers and suppliers who do not know their owner is listening to the market. Exact figures are a fingerprint: a precise turnover, a filing date and a region will narrow most UK sectors to a single company. These bands are wide enough to protect identity and wide enough that a growing business does not fall out of its own mandate. Every band is verified against filed accounts and management information held by DealFlowAgent (DFA). Precise figures are released under a non-disclosure agreement.
01 Opportunity at a glance
What the business actually does
Hospitals are clustered closely enough to share doctors, relief cover and inventory. In-house imaging and laboratory work keep diagnostic revenue inside the group, and urgent care hours capture the visits that would otherwise leave for an emergency hospital. Doctor recruitment is the constraint in this sector, and retention here is above average.
Revenue is recall and wellness plan driven rather than contracted, with a multi-thousand member wellness plan base and an established client list per hospital.
- Revenue mix
- General practice with in-house diagnostics and urgent care
- Wellness plan base
- Several thousand active members
- Hospitals
- 5 to 8, clustered within one metro region
- Doctor retention
- Average tenure above five years
- Relief cover
- Shared internally rather than agency dependent
- Central function
- Scheduling, HR, procurement and marketing centralized
- Real estate
- Mix of leased and owned, disclosed under NDA
- Outstanding litigation
- None disclosed
02 Why now
Sector timing
Veterinary consolidation has slowed from its peak, and buyers have become selective. What still clears at a strong price is a clustered group with doctor retention, in-house diagnostics and real urgent care capability, because that combination is defensible against a corporate hospital opening nearby.
Nothing distressed. The founder has set a reserve so only acquirers prepared to meet it are put in front of them.
What has changed for this owner
Nothing distressed. The founder has moved to a medical director role and the group runs on its management team. The decision was to see what a qualified buyer would pay without putting doctors through a public process.
03 Financial profile
Three years, published as bands
Three years apart, published as bands, reconciled to reviewed financial statements and the practice information system. Doctor compensation is normalized to market.
| Measure | Three years ago | Most recent full year |
|---|---|---|
| Revenue | $8-12M | $12-16M |
| Same-hospital growth | Presented separately from added hospitals | |
| EBITDA margin | 15-20% | 17-22% |
| Wellness plan revenue | Disclosed separately under NDA | |
| Doctor compensation | Normalized to market rates, quantified | |
| Owner compensation adjustment | Identified and quantified | |
Where the earnings quality sits
- Doctor compensation is normalized, so the margin is not flattered by owner pay.
- Diagnostic revenue is captured in house rather than referred out.
- Relief cover is shared internally rather than bought from agencies.
- Same-hospital growth is separated from growth by hospital count.
04 The owner's position
Stated in advance, in writing
| Question | Stated position |
|---|---|
| Is the business for sale? | No |
| Would they transact at the right figure? | Yes, confirmed in writing |
| Reserve figure | Set, disclosed under NDA |
| Preferred structure | 60% to 100% of equity |
| Rollover appetite | Open to a meaningful rollover |
| Post-completion involvement | 12 to 36 months as medical director |
| Management team | Practice managers and associates expected to remain |
| Represented elsewhere? | No adviser, no other process |
What a reserve figure is
A reserve, as at auction. Before a mandate goes live, the owner completes a full valuation exercise with DealFlowAgent (DFA) and commits, in writing, to the figure at which they will engage seriously. It is private and it is never published. Nothing below it is ever put in front of them, so no acquirer is invited into a conversation that was never going to happen, and the owner is never asked to decline a low offer.
The reserve is disclosed to verified acquirers at non-disclosure agreement stage. It is a threshold for engagement. It is not an asking price and it is not a cap.
Doctors stay because we do not push them to see forty appointments a day. Change that and the value goes with it.
05 Transaction process
The four gates
01
Acquirer verification.
Funding position, sector experience, prior completions and decision-making authority are confirmed by DealFlowAgent (DFA) before any company information is released. Unfunded parties and brokers acting without a named principal do not proceed.
No company information released
02
Non-disclosure agreement and financial pack.
A short non-disclosure agreement releases the financial pack, the reserve figure, the contract base analysis and the management structure. The company is still not named.
Identity withheld
03
Owner approval and introduction.
We put the acquirer to the owner with a written profile covering their intent, their integration approach and their treatment of teams in previous acquisitions. The owner decides. Only on their written approval is the company named and a meeting arranged.
Owner's written approval required
04
Indicative offer.
Acquirers who meet the reserve are invited to submit an indicative offer. Where more than one qualifies, we run a structured process from that point.
Reserve must be met
06 Which acquirers this suits
A strong fit, and not a fit
A strong fit
- Veterinary consolidators seeking Pacific Northwest density
- Private equity platforms building a companion animal group
- Healthcare investors with a veterinary operating partner
- Acquirers who can support urgent care hours
Not a fit
- Parties without committed capital at the indicative range
- Buyers whose model depends on raising appointment volume per doctor
- Structures weighted heavily to earnout tied to doctor retention
- Acquirers intending to close or merge hospitals in the cluster
07 About the Off-Market Register
What this register is
How the register works, and where to start
The Off-Market Register carries companies that are not for sale, at prices their owners have already set. Each owner has completed a full valuation exercise with DealFlowAgent (DFA) and committed in writing to the figure at which they will engage.
Every acquirer is verified before they see anything, every document released is watermarked to the recipient, and every access is logged. Before a mandate goes live it is tested three ways for de-anonymisation, and all three tests must fail to identify the company.
If you own a business in this sector, start with the free valuation, read the sector valuation guides or speak to us confidentially. If you acquire businesses, request acquirer access.
08 Questions
Answered in full
If the owner is not selling, is this a waste of my time?
The owner has committed a reserve figure in writing and has agreed in advance to meet acquirers who clear it. You are seeing a business before any process exists, without a competitive auction and without six other parties at the table. What you are not getting is a motivated seller, and you should price accordingly.
Why are the figures banded?
Because precise figures identify the company. Exact revenue, a state, a service line and a headcount will narrow most sectors to one business. Exact figures are released at non-disclosure agreement stage.
Will I be told the reserve before I commit time?
Yes. The reserve is disclosed at non-disclosure agreement stage, before any meeting and before any diligence.
What financial information sits behind the bands?
Reviewed or audited financial statements where they exist, otherwise tax returns and management accounts, together with the contract or customer schedule. The quality of what is available is stated in the pack rather than implied.
Can I approach the company directly if I work out who it is?
Acquirers who circumvent the register are removed permanently and the owner is informed.
Who pays DealFlowAgent (DFA)?
The owner, on completion only. There is no charge to acquirers at any stage, and no fee is payable by anyone if a transaction does not complete.
Own a business like this one?
Every mandate on this register began with a ninety-second valuation and a conversation. No retainer, no exclusivity, and your company is never named until you approve a specific introduction in writing.
Request access to Project Redwood
Verification takes under a working day. On approval you receive the financial pack, the reserve figure and the contract base analysis under a non-disclosure agreement. The company is named only with the owner's written approval.
DealFlowAgent (DFA)
Companion animal general practice with urgent care capability
Project Redwood is a confidential mandate on the DealFlowAgent (DFA) Off-Market Register. All figures are banded and verified against filed accounts and management information. Nothing on this page constitutes an offer or an invitation to treat. DealFlowAgent is a trading name of BTB Holdings Ltd, registered in England and Wales.
