Covetrus has been sold to TPG and Clayton, Dubilier & Rice


Covetrus is a global animal-health technology and services company dedicated to empowering veterinary practice partners to drive improved health and financial outcomes. The company brings together products, services and technology into a single platform that connects its customers to the solutions and insights they need to work best. Covetrus’ passion for the well-being of animals and those who care for them drives it to advance the world of veterinary medicine. Covetrus is headquartered in Portland, Maine, with more than 5,700 employees serving more than 100,000 customers around the globe. For more information, please visit www.covetrus.com.

The Deal

Covetrus, a global leader in animal-health technology and services, announced the successful completion of its previously announced acquisition by funds affiliated with Clayton, Dubilier & Rice (CD&R) and TPG Capital, the large-scale United States and European private equity platform of global alternative asset management firm TPG.

“We are thrilled to begin this next chapter of growth in partnership with CD&R and TPG and with a continued commitment to driving more positive outcomes for the global veterinary community,” Benjamin Wolin, President, Chief Executive Officer and board of directors member at Covetrus, commented. “Starting with their initial investment in 2015, CD&R’s investments and continued support were critical in helping drive our transformation to become a leading global provider of animal health services. Moving forward with both CD&R and TPG’s support, we believe Covetrus will be well positioned to strengthen our technology capabilities and product innovation and continue to empower veterinarians around the world.”

Our Perspective

Roddy O’Neill, Managing Director and Co-Head of Lincoln International’s Healthcare Group, commented, “We are honored to serve as an advisor to Covetrus. We look forward to watching management, CD&R and TPG transform the most diversified animal health company in the world.”


CD&R is a private investment firm with a strategy predicated on building stronger, more profitable businesses across a broad range of industries, including industrials, healthcare, consumer, technology and financial services. Since its inception, CD&R has managed the investment of more than $40 billion in more than 100 companies with an aggregate transaction value of more than $175 billion. For more information, please visit www.cdr-inc.com.


TPG is a leading global alternative asset management firm founded in San Francisco in 1992 with $127 billion of assets under management and investment and operational teams in 12 offices globally. TPG invests across five multi-product platforms: capital, growth, impact, real estate and market solutions and its unique strategy is driven by collaboration, innovation and inclusion. The firm’s teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for its fund investors, portfolio companies, management teams and communities. For more information, please visit www.tpg.com.

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