News
Jan 11, 2021

Kobi Bessin quoted by Canadian Lawyer on the private equity acquisition of Canadian VetStrategy chain

Share:
Canadian Lawyer View original

Kobi Bessin was quoted by Canadian Lawyer magazine on the private equity acquisition of Canadian VetStrategy chain. 


As Covid-19 often caused some mergers and acquisitions to go off track or put on pause. Still, one transaction that did manage to come together smoothly during the pandemic was related to another phenomenon we saw in 2020 — the “petdemic” of people adopting or buying animals to keep them company while hunkered down.

Last summer, Boston-based Berkshire Partners (not Warren Buffett’s Berkshire Hathaway) acquired a 70 per cent majority interest in VetStrategy from Imperial Capital, in a deal valued at more than $1 billion. According to PE Hub, the price was closer to $1.4 billion, putting the deal at a valuation of 22 times VetStrategy’s annual earnings before interest, taxes, depreciation, and amortization (EBITDA), up from about three times EBITDA in 2013.

Kobi Bessin of Torkin Manes LLP, the lead lawyer for the team advising VetStrategy, says the rising interest in pet ownership because of the pandemic wasn’t a big factor in the price Berkshire ultimately paid. However, in recent years, pet ownership growth feeds into the notion that veterinary clinics are an essential healthcare service with a bright future.


To read the full article, please visit the Canadian Lawyer website.

 

 

 


Related News

Firm News

Torkin Manes Lawyers Recognized in 2023 Chambers Canada Guide

We are pleased to announce that seven of our partners have been recognized by Chambers & Partners as leaders in their respective areas of law.
Sep 29, 2022
Firm News

Torkin Manes shortlisted by Chambers Canada for the 2022 Regional Law Firm of the Year Award

Torkin Manes is honoured to be shortlisted once again by Chambers & Partners in the category of Regional Law Firm of the Year for the 2022 Chambers Ca...
Sep 22, 2022
Firm News

Torkin Manes lawyers featured in The Best Lawyers in Canada 2023 and Best Lawyers: Ones to Watch (Canada)

We are pleased to announce that 34 of our partners have been recognized as leaders in their respective fields in the latest edition of The Best Lawyer...
Aug 25, 2022