NEW YORK–(BUSINESS WIRE)–Audax Private Debt announced that, as Administrative Agent and Sole Lead Arranger, it provided an incremental Second Lien Credit Facility to support add-on acquisitions by Metalmark Capital’s portfolio company, Innovetive Petcare (“Innovetive” or the “Company”), a leading operator of veterinary practices.
“The incremental debt commitment showcases their continued support of the Company, and we remain enthusiastic about continuing to work with the Audax team to grow the platform.”
Headquartered in Austin, TX, Innovetive Petcare is a leading acquirer and operator of specialty and general practice veterinary hospitals and clinics for companion animals with over 60 clinics across the southern and eastern United States. Innovetive continues to introduce new and innovative methods to better connect with pet owners and its growing base of animal clinics and veterinarians nationwide.
“Innovetive has consistently provided best-in-class services and solutions through its growing base of veterinary clinics,” said Shehzad Ajmal, Managing Director at Audax Private Debt. “After our original financing in December of 2020, we remain excited to continue to support the business as it scales under their ownership.”
“Audax Private Debt has been a reliable and engaged financing partner for us,” said Howard Hoffen, Chairman & CEO of Metalmark. “The incremental debt commitment showcases their continued support of the Company, and we remain enthusiastic about continuing to work with the Audax team to grow the platform.”
About Innovetive Petcare
Founded in 2015 by Mark Ziller and Paul Covill, Innovetive Petcare is a leading operator and acquirer of specialty and general practice veterinary hospitals and clinics for companion animals. Innovetive primarily operates in the southern and eastern United States. For more information, please visit www.innovetivepetcare.com.
About Audax Private Debt
Based in New York, Audax Private Debt is a leading debt capital partner for North American middle market companies. Since its inception in 2000, Audax Private Debt has invested over $26 billion across more than 960 companies in support of over 260 private equity sponsors, and has raised over $19 billion in capital. The platform offers its clients a range of financing solutions, including first lien, stretch senior, unitranche, second lien and subordinated debt, as well as equity co-investments. With more than 45 investment professionals and over 100 total employees, Audax Private Debt provides financing certainty, add-on investment capability, and the experience and collaborative approach to partner with private equity firms and their portfolio companies. For more information, please visit www.audaxprivatedebt.com or follow us on LinkedIn.
Audax Private Debt is an integral part of Audax Group, a leading alternative investment manager with offices in Boston, New York, and San Francisco.
About Metalmark Capital
Metalmark Capital is a leading private equity firm that seeks to build long-term value through active and collaborative partnerships with business owners, founders and executives. Metalmark Capital manages funds with $3 billion in aggregate capital commitments. For more information, please visit www.metalmarkcapital.com.