(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm that focuses on investing in and growing entrepreneur-led middle market healthcare, consumer, distribution, and specialty services and products companies, announced that on January 24, 2020, a group led by its affiliate, Cortec Group Fund VI, L.P. (“Cortec Fund VI”), in partnership with Co-Founders Dr. Dani McVety and Dr. Mary Gardner, completed the growth recapitalization of Lap of Love Veterinary Hospice (“Lap of Love” or the “Company”). Terms of the transaction were not disclosed.
Founded in 2009 and headquartered in Tampa, FL, Lap of Love is the leading national provider of in-home end-of-life care for companion animals, offering hospice consultations and care, euthanasia procedures, and related aftercare services. The Company does not operate clinics or medical facilities and exclusively provides these services in customers’ homes, where they and their pets tend to be most comfortable. Lap of Love manages a network of more than 135 veterinarians practicing in over 30 states across the U.S. The Company’s veterinarians and customers are assisted by a support center team of veterinary nurses, veterinary technicians, and care coordinators operating seven days a week.
Under the leadership of Dr. McVety and Dr. Gardner, who will continue to lead the business, Lap of Love has become well-recognized as a thought leader in end-of-life care within the veterinary industry. Jeff Lipsitz, Co-President at Cortec, stated: “Our success working with entrepreneur- and family-owned businesses in healthcare and veterinary services provided Cortec with a unique appreciation for Lap of Love’s compelling value proposition to companion animals, their families, and other veterinarians. The Company’s strong reputation in the veterinary industry and impressive historical growth are the clear results of its longstanding dedication to providing exceptional end-of-life care.” Jeff Shannon, a Managing Partner at Cortec, added, “We are enthusiastic about the opportunity to support Dani and Mary as they continue to drive increased awareness of their industry-leading services, enter new geographies, increase their ability to service existing markets, and expand their service offering to companion animals and their families.”
Dr. McVety commented, “After more than ten years of helping families and expanding our team of dedicated veterinarians, we began a search for an engaged partner to accelerate the growth of our business and assist in our ongoing mission to improve end-of-life care for companion animals and their families. From our first meeting, Cortec impressed us with their passion for, and understanding of, our purpose and experience in growing companies like ours.” Dr. Gardner added: “We were convinced that Cortec was the right choice because of their track record of successfully partnering with the founders of high growth businesses and genuine appreciation for our values and vision.”
Lap of Love represents Cortec Fund VI’s ninth platform investment. Piper Sandler Companies served as financial advisor and Polsinelli PC served as legal advisor to Lap of Love. Paul Hastings LLP served as legal advisor to Cortec.
About Lap of Love
Lap of Love is the nation’s largest service provider solely dedicated to end-of-life veterinary care, providing in-home euthanasia, hospice, and consultation services. The Company’s purpose is to serve the veterinary end-of-life space by creating a peaceful and personal experience for pets and the people that love them. Lap of Love’s veterinarians and veterinary care coordinators offer compassionate, open-minded guidance and grief support to pet parents who are deciding why, when, and how to either euthanize or continue medical management for their pet. The Company’s philosophy centers around recognizing and upholding the human-animal bond during the difficult end-of-life transition. As one of the first services of its kind, Lap of Love has quickly grown since 2009, from just one veterinarian in Florida to more than 135 today. Additional information about Lap of Love can be found at www.lapoflove.com.
About Cortec
Founded in 1984, Cortec invests in market-leading, middle-market healthcare, consumer, distribution, and specialty services and products businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.
