## Private Markets Giants Back Western Veterinary Partners in Fresh Growth Round

Western Veterinary Partners just locked in a minority growth investment from some heavyweight institutional players—Tyree & D'Angelo Partners is steering the ship while bringing in LGT Capital Partners, Hamilton Lane, and Apogem Capital as co-investors. Here's what makes this deal interesting.

**Why Western, Why Now?**

The Denver-based veterinary support organization (VSO) has been quietly building something substantial. We're talking a nationwide network of general veterinary practices with a core focus on companion animal healthcare. The company's been doubling down on two growth levers: organic expansion within existing markets and strategic acquisitions of veterinary practices in high-potential areas.

What caught the attention of these institutional capital firms? Western's got what matters most in the space—strong veterinarian retention. The company's pitched itself as a non-clinical support partner, handling everything outside the exam room so vets can focus on what they do best. That model apparently translates into reliable organic growth metrics that institutional investors can trust.

**The Capital Behind the Deal**

Tyree & D'Angelo Partners (TDP) isn't new to this story—they're maintaining their control equity position while orchestrating this new minority investment. The co-CEOs, Michael Tyree and Enzo D'Angelo, framed this as evidence that institutional LPs are increasingly willing to deploy capital into lower middle market companies that demonstrate real operational traction.

Your co-investors here speak volumes: Hamilton Lane manages nearly $832 billion in assets under management and supervision globally. LGT Capital Partners oversees $85+ billion across alternative investments. Apogem Capital brings $39 billion to the table. This isn't casual money—it's the kind of patient institutional capital that bets on predictable, scalable business models.

**What This Means for the Veterinary Market**

Western's board commentary hints at the broader play here. The growth capital enables expansion of their companion animal veterinary network while scaling their support infrastructure. Translation: the VSO sector is consolidating around well-managed platforms, and Western's already proven it can retain talent and grow organically in fragmented local markets.

Advisors on the transaction included William Blair (financial), Kirkland & Ellis LLP (TDP side), and Winston & Strawn LLP (Western side)—the kind of heavyweight advisory lineup that typically shows up when capital is serious about execution.

The strategic message is clear: institutional investors increasingly see value in veterinary support platforms that can blend organic growth with disciplined M&A in attractive geographies. Western apparently fit that thesis.