IndeVets has received a growth equity investment from New Harbor Capital

IndeVets

Founded in 2017 by Michael Raphael and headquartered in Philadelphia, Pennsylvania, IndeVets is a tech-enabled provider of veterinarian staffing services. Its mission is to unite the country’s top veterinarians and animal hospitals. IndeVets provides a unique blend of flexibility, stability, work-life balance, mentoring and community that differentiates it amongst veterinarian career paths. This allows for happy, healthy doctors to perform at their absolute best. The company’s veterinarians have full flexibility in choosing when and where they work through its proprietary scheduling technology and hospital partners receive the support of high-quality veterinarian services to help supplement and support their workforces. IndeVets currently employs over 100 full-time veterinarians, which it staffs across a network of over 1,300 veterinary hospitals.

The Deal

New Harbor was drawn to IndeVets due to its unique value proposition to providers, its innovative use of technology-enabled services and proprietary software and its strong and experienced senior management team as well as general attractive industry trends impacting the animal health market. New Harbor’s experience investing in high-growth animal health companies, such as Wedgewood Pharmacy, will be valuable as part of its investment management plan for IndeVets.

“We are thrilled about this partnership potential,” said Mr. Raphael. “New Harbor’s track record of scaling animal health and provider-centric companies will be extremely valuable as we expand IndeVets’ reach to new markets and help even more veterinarians reach their utmost potential.”

“We look forward to partnering with the IndeVets team,” said Jocelyn Stanley, a partner at New Harbor. “Their work sits at the unique intersection of animal health and tech-enabled services, which is in great alignment with our firm’s focus areas. New Harbor also has a long track record of partnering with clinician-centric healthcare businesses and IndeVets’ ‘vets first’ approach is unmatched in the industry. The company has incredible growth opportunities, and we look forward to helping them continue to expand and innovate.”

Our Perspective

Roddy O’Neill, Managing Director and co-head of Lincoln International’s U.S. Healthcare Group, added, “We are honored to advise IndeVets on its sale. The company has established a differentiated tech-enabled platform putting the veterinarian first. We believe IndeVets will be the future of veterinary medicine and are excited to follow the future success of the partnership between IndeVets and New Harbor.”

New Harbor Capital

New Harbor is a Chicago, Illinois-based private equity firm which invests from $10 million to $40 million of equity in education, healthcare and tech-enabled services companies that have from $3 million to $15 million of EBITDA. In February 2021, after just three months of fundraising, New Harbor held a hard cap close of its third private equity fund, New Harbor Capital Fund III LP, with $362 million of capital.

Share: