Qovetia implements a financing of €130 million from Five Arrows Debt Partners to support its growth and carry out its development plan


By bringing together more than 70 veterinary clinics in just 4 years, the Qovetia network has quickly distinguished itself by advocating for a unique model that integrates all specialties of the sector (companion animals, equine medicine, and rural medicine) and involves veterinarians in its governance.

Founded in 2020 by the grouping of around ten sites in Normandy, Burgandy Franche-Comté, and Occitanie, with the financial support of Careventures and Unexo, Qovetia has since been joined by around sixty sites covering the majority of French territory and become one of the main players in the veterinary clinics sector.

Qovetia stands out with a unique and “veterinarian-centric” value proposition, which promotes the quality of care and the performance of clinics. This unique model in the animal health sector allows for alignment of interests and a lasting alliance with veterinarians. Qovetia involves associate veterinarians in the group’s decision-making process and guarantees true medical autonomy to provide individualized care services at each clinic, closest to the patients.

Qovetia and its management were advised, in the context of their negotiations with lenders as well as in the development of a financial structure adapted to the Group’s ambitious external growth policy, by Degroof Petercam Investment Banking.

With a new financing of €130 million in the form of senior and junior bonds allows the Group to (i) improve its financial structure by refinancing a portion of its bank debts, (ii) finance an ambitious plan of around sixty acquisitions over the next 2 years, and (iii) finance development projects.


Jean-Matthieu Cottin, CEO of Qovetia: “I thank Five Arrows Debt Partners for their trust, as well as all the teams who made this operation possible. I am very happy about this important milestone for Qovetia. In a competitive and complex environment, in a sector undergoing profound evolution and facing major societal challenges, this new partnership will allow us to continue our development with the associated veterinarians in service of caregivers, their patients, and their owners.”

Eric Souêtre, Partner at Careventures: “As Co-founder and principal investor, Careventures is delighted to partner with Five Arrows to develop the Qovetia model both in France and Europe. Their support represents a validation of our commitment to the company, its management team, and its positioning.”

Raoul Mahler, Managing Director of Five Arrows Debt Partners: “We were very impressed by Qovetia’s business project, focused on supporting and empowering veterinarians, as well as by the quality of its management team. Qovetia is pursuing an ambitious yet controlled external growth strategy, which has strengthened our investment decision.”

Categories: News


Rover Agrees to be Acquired by Blackstone in $2.3 Billion Transaction


$11.00 Per Share Purchase Price Represents 61% Premium Over 90 trading-day VWAP

SEATTLE, November 29, 2023 – Rover Group, Inc. (Nasdaq: ROVR) (“Rover” or the “Company”), the world’s largest online marketplace for pet care, today announced that it has entered into a definitive agreement to be acquired by private equity funds managed by Blackstone (“Blackstone”) in an all-cash transaction valued at approximately $2.3 billion.

Under the terms of the agreement, Rover stockholders will receive $11.00 per share in cash, representing a premium of approximately 61% to the volume weighted average share price of Rover’s Class A common stock over the 90 trading days ending on November 28, 2023.

“We are thrilled for this next chapter in the Rover story and look forward to the partnership with the Blackstone team, who share our conviction, excitement and strategic vision,” said Aaron Easterly, co-founder and CEO of Rover. “Blackstone brings deep expertise in partnering with innovative technology companies, and with their support and collaboration, we plan to continue investing in our business in service of our mission to make it possible for everyone to experience the unconditional love of a pet in their lives. This transaction delivers immediate and compelling value to Rover stockholders, and is a testament to the commitment and hard work of our team and an exciting milestone for Rover.”

Sachin Bavishi, a Senior Managing Director at Blackstone, said, “We are excited to partner with Aaron and the exceptional Rover team, whose vision, creativity and data-driven approach have built the Company into an industry leader. Our investment highlights Blackstone’s high-conviction focus on backing rapidly growing digital businesses and supporting talented entrepreneurs with extensive resources to take advantage of transformational growth opportunities. We look forward to working with Rover as they continue working to drive innovation for pet owners and providers.”

Tushar Gupta, a Principal at Blackstone, added, “We believe Rover has a significant runway for growth as pet owners increasingly place a premium on high-quality care, flexibility and convenience. We look forward to partnering with management to build upon their leading online marketplace and leveraging Blackstone’s extensive expertise and resources to support the Company’s continued expansion as a private company.”

Rover was created to provide an alternative to relying on friends, family, neighbors, and/or boarding facilities for pet care when traveling away from home. Over the years, offerings on Rover have grown to include five core services addressing daytime and overnight needs. From its inception through September 30, 2023, over 93 million services have been booked by more than 4 million pet parents on Rover with more than 1 million pet care providers paid across North America and Europe. Through its platform and mobile app, pet parents can easily discover, book, re-book, pay, and review loving pet care providers online. Rover eliminates many of the barriers of pet ownership, enabling the Company’s mission to make it possible for everyone to experience the unconditional love of pets.

Rover’s partnership with Blackstone reflects a shared belief in the future growth potential of the industry and long-term vision to build on Rover’s leadership position in the market. Blackstone’s investment aims to help enable Rover to further accelerate investment priorities, expand its global footprint, and fuel expansion initiatives.

Transaction Terms
The merger agreement includes a customary 30-day “go-shop” period expiring on December 29, 2023. During this period, Rover and its advisors will be permitted to solicit, consider and negotiate alternative acquisition proposals from third parties. The Rover board of directors will have the right to terminate the merger agreement to enter into a superior proposal, subject to the terms and conditions of the merger agreement. There can be no assurance that this “go-shop” process will or will not result in a superior proposal, and Rover does not intend to disclose related developments unless and until it determines that such disclosure is appropriate or otherwise required.

The transaction is currently expected to close in the first quarter of 2024, subject to the approval of Rover’s stockholders and the satisfaction of required regulatory clearances and other customary closing conditions. The Rover board of directors approved the merger agreement and recommended that Rover stockholders approve the transaction and adopt the merger agreement. Closing of the transaction is not subject to a financing condition.

Upon completion of the transaction, Rover’s Class A common stock will no longer be publicly-listed and Rover will become a privately held company. The Company will continue to operate under the Rover name and brand.

Goldman Sachs & Co. LLC is acting as lead financial advisor to Rover, and Centerview Partners LLC is also acting as a financial advisor to Rover and delivered a fairness opinion to Rover’s Board of Directors with respect to the proposed transaction. Wilson Sonsini Goodrich & Rosati, Professional Corporation is acting as legal counsel to Rover.

Evercore is acting as lead financial advisor and Moelis & Company LLC is also acting as a financial advisor to Blackstone, and Kirkland & Ellis LLP is acting as legal counsel to Blackstone.

About Rover Group, Inc.
Founded in 2011 and based in Seattle, Rover (Nasdaq: ROVR) is the world’s largest online marketplace for pet care. Rover connects pet parents with pet providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits. To learn more about Rover, please visit www.rover.com.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors. We do this by relying on extraordinary people and flexible capital to help strengthen the companies we invest in. Our over $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.  Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Cautionary Statement Regarding Forward-Looking Statements
This communication may contain forward-looking statements, which include all statements that do not relate solely to historical or current facts, such as statements regarding the pending acquisition of the Company by private equity funds managed by Blackstone (the “Merger”) and the expected timing of the closing of the Merger and other statements that concern the Company’s expectations, intentions or strategies regarding the future. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “aim,” “potential,” “continue,” “ongoing,” “goal,” “can,” “seek,” “target” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements are based on the Company’s beliefs, as well as assumptions made by, and information currently available to, the Company. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: (i) the risk that the Merger may not be completed on the anticipated timeline or at all; (ii) the failure to satisfy any of the conditions to the consummation of the Merger, including the receipt of required approval from the Company’s stockholders and required regulatory approval; (iii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement with private equity funds managed by Blackstone, including in circumstances requiring the Company to pay a termination fee; (iv) the effect of the announcement or pendency of the Merger on the Company’s business relationships, operating results and business generally; (v) risks that the Merger disrupts the Company’s current plans and operations; (vi) the Company’s ability to retain and hire key personnel and maintain relationships with key business partners and customers, and others with whom it does business; (vii) risks related to diverting management’s or employees’ attention during the pendency of the Merger from the Company’s ongoing business operations; (viii) the amount of costs, fees, charges or expenses resulting from the Merger; (ix) potential litigation relating to the Merger; (x) uncertainty as to timing of completion of the Merger and the ability of each party to consummate the Merger; (xi) risks that the benefits of the Merger are not realized when or as expected; (xii) the risk that the price of the Company’s Class A common stock may fluctuate during the pendency of the Merger and may decline significantly if the Merger is not completed; and (xiii) other risks described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), such as the risks and uncertainties described under the headings “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other sections of the Company’s Annual Report on Form 10-K, the Company’s Quarterly Reports on Form 10-Q, and in the Company’s other filings with the SEC. While the list of risks and uncertainties presented here is, and the discussion of risks and uncertainties to be presented in the proxy statement on Schedule 14A that the Company will file with the SEC relating to its special meeting of stockholders will be, considered representative, no such list or discussion should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and/or similar risks, any of which could have a material adverse effect on the completion of the Merger and/or the Company’s consolidated financial condition. The forward-looking statements speak only as of the date they are made. Except as required by applicable law or regulation, the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

The information that can be accessed through hyperlinks or website addresses included in this communication is deemed not to be incorporated in or part of this communication.

Additional Information and Where to Find It
This communication is being made in respect of the Merger. In connection with the proposed Merger, the Company will file with the SEC a proxy statement on Schedule 14A relating to its special meeting of stockholders and may file or furnish other documents with the SEC regarding the Merger. When completed, a definitive proxy statement will be mailed to the Company’s stockholders. STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT REGARDING THE MERGER (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND ANY OTHER RELEVANT DOCUMENTS FILED OR FURNISHED WITH THE SEC IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. The Company’s stockholders may obtain free copies of the documents the Company files with the SEC from the SEC’s website at www.sec.gov or through the Company’s website at investors.rover.com under the link “Financials” and then under the link “SEC Filings” or by contacting the Company’s Investor Relations department via e-mail at investorrelations@rover.com.

Participants in the Solicitation
The Company and its directors and executive officers, which consist of Adam Clammer, Jamie Cohen, Venky Ganesan, Greg Gottesman, Kristine Leslie, Scott Jacobson, Erik Prusch, Megan Siegler, who are the non-employee members of the Company’s Board of Directors, Aaron Easterly, the Company’s Chief Executive Officer and Chairperson of the Board, Brent Turner, the Company’s President and Chief Operating Officer, and Charlie Wickers, the Company’s Chief Financial Officer, are participants in the solicitation of proxies from the Company’s stockholders in connection with the Merger. Information regarding the Company’s directors and executive officers (other than for Mr. Prusch), including a description of their direct or indirect interests, by security holdings or otherwise, can be found under the captions “Security Ownership of Certain Beneficial Owners and Management,” “Board of Directors and Corporate Governance—Director Compensation,” and “Executive Compensation—Outstanding Equity Awards at Fiscal 2022 Year-End” contained in the Company’s 2023 annual proxy statement filed with the SEC on April 28, 2023 (the “2023 Proxy Statement”). To the extent that the Company’s directors and executive officers and their respective affiliates have acquired or disposed of security holdings since the applicable “as of” date disclosed in the 2023 Proxy Statement, such transactions have been or will be reflected on Statements of Change in Ownership on Form 4 or amendments to beneficial ownership reports on Schedules 13D filed with the SEC.  Since the filing of the 2023 Proxy Statement, (1) Ms. Cohen received a grant of 19,417 restricted stock units (“RSUs”) and Mr. Gottesman, Ms. Leslie and Ms. Siegler each received a grant of 33,273 RSUs, which will each vest in full on the earlier of June 16, 2024 or the date of the next annual meeting of the Company’s stockholders, in each case subject to the applicable director continuing to be a non-employee director through the applicable vesting date, and (2) Mr. Prusch received a grant of 54,855 RSUs, which will vest 1/3 on each of September 7, 2024, September 7, 2025 and September 7, 2026, subject to him continuing to be a non-employee director through the applicable vesting dates.  In the Merger, outstanding equity awards held by each non-employee director will fully vest immediately prior to the consummation of the Merger provided that the non-employee director continues to be a non-employee director through such date, and outstanding equity awards held by Mr. Easterly, Mr. Turner and Mr. Wickers will be treated in accordance with their respective severance and change in control agreements and as described in the 2023 Proxy Statement under the caption “Executive Compensation—Potential Payments Upon Termination or Change in Control.”  Additionally, pursuant to the Business Combination Agreement, dated as of February 10, 2021, by and among Nebula Caravel Acquisition Corp., Fetch Merger Sub, Inc., and A Place for Rover, Inc., an affiliate of Mr. Clammer has been issued restricted shares of the Company’s Class A common stock that will fully vest immediately prior to the consummation of the Merger and Mr. Easterly, Mr. Ganesan, Mr. Gottesman, Mr. Jacobson, Mr. Turner and their respective affiliates will be issued additional shares of the Company’s Class A common stock immediately prior to the consummation of the Merger. Other information regarding the participants in the proxy solicitation and a description of their interests will be contained in the proxy statement for the Company’s special meeting of stockholders and other relevant materials to be filed with the SEC in respect of the Merger when they become available. These documents can be obtained free of charge from the sources indicated above.


For Rover


Walter Ruddy
(206) 715-2369


Kristin Sandberg
(360) 510-6365


John Christiansen/Danya Al-Qattan
FGS Global

For Blackstone


Matt Anderson
(518) 248-7310

Mariel Seidman-Gati
(646) 482-3712

Categories: News


CVC Credit supports the refinancing of PetVet Care Centers

CVC Capital Partners

CVC Credit is pleased to announce that it recently provided $65.5 million in loan facilities and equity to support the refinancing of PetVet Care Centers (“PetVet”), a leading national network of veterinary hospitals in the US and portfolio company of KKR, the leading global investment firm.

Headquartered in Westport, Connecticut, PetVet operates more than 450 general practice, speciality, emergency, and equine veterinary hospitals in 40 states. The company’s full-service, integrated approach is designed to provide high quality care to pet owners while supporting the clinical autonomy and business growth needs of veterinary professionals who partner with PetVet.

Molly Moore, Managing Director at CVC Credit, commented: “We are thrilled to support PetVet’s growth as it continues to pursue attractive consolidation opportunities in the highly fragmented pet health and wellness market, in partnership with skilled veterinary professionals. We believe that attractive secular tailwinds including increased pet ownership, greater awareness about the importance of pet wellness, coupled with longer pet lifespans and PetVet’s recurring revenue streams, will continue to drive expansion of this high quality national veterinary care platform.”


This transaction is a testament to the compelling execution capabilities, competitive rate and financings our Capital Solutions business has provided to growing businesses in North America and Europe this year.

Caroline BentonPartner at CVC Credit

Caroline Benton, Partner at CVC Credit, added: “This transaction is a testament to the compelling execution capabilities, competitive rate and financings our Capital Solutions business has provided to growing businesses in North America and Europe this year. We are also delighted to strengthen our relationship with leading sponsor KKR further as they continue to grow and develop this excellent business.”

Categories: News


Altano Group expands its activities into the USA


Dear Investors, Pfäffikon SZ, April 2023

Partners and Friends of Ufenau Capital Partners and the Altano Group,
We are delighted to announce that the Altano Group has acquired Avanti Equine Veterinary Partners (“Avanti”).
Avanti is the leading – exclusively specialized in equine medicine – clinic group in the United States. Founded in 2017 with a focus on sustainable veterinary medicine, the group expanded its footprint from the east- to west coast over the past 5 years.

With more than 190 employees, including over 50 vets, Avanti is an ideal strategic fit for the Altano Group to roll out its philosophy globally. “As an international pioneer for modern & sustainable veterinary medicine, Altano stands for professionalism, welfare and outstanding medical quality. These basic principles match the one’s of Avanti: practicing veterinary medicine with integrity and transparency, and serving both patients and clients with excellence.”- Lisa Floyd, COO Avanti.
With the acquisition of Avanti, the Altano Group aims to become the leading equine clinic group, serving more than 100’000 clients in 7 countries globally.
Dieter Scheiff, Managing Partner at Ufenau, views Avanti as “the best, scalable platform and the ideal basis for Altano’s market entry into the United States. We see a strong continued potential for future organic growth and further Add-On acquisitions in the US-market, which is why this lighthouse investment is such an important step both for Altano and Ufenau. Together, Altano and Avanti will form a neverseen knowledge sharing platform to accelerate research and promote sustainable medical progress in the field of equine medicine.”
Dr. Victor Baltus, CEO Altano Group, adds that “together with the current Avanti team, Altano wants to expand the local market presence, invest into the clinics and staff and further enhance specialization across the group. We always remain true to our promise: animal health and welfare our priority! Without the help of Ufenau, this expansion of the Altano Group outside Europe would not have been possible. ”
Your Ufenau Team

About the Altano Group
In 2017, the Altano Group was found, as part of the management buyout of the highly renowned clinic “Tierärztliches Kompetenzzentrum Karthaus”, which served as the platform to enter the highly regulated and fragmented market. Today, the Altano Group comprises of more than 50 clinics and practices throughout Europe and the USA. Driven by its entrepreneurial management and more than 1’500 employees, the Altano Group offers the full spectrum of veterinary services, to a diversified customer base of >100’000 clients with >150’000 animals treated per year. Altano stands for the highest medical standards, a sustainable business model, excellent customer service and the employer.

About Ufenau Capital Partners
Ufenau Capital Partners is a privately-owned Swiss Investor Group headquartered at Lake Zurich which advises private and institutional investors with their investments in private equity. Ufenau Capital Partners is focused on investments in service companies in German-speaking Europe, Iberia and the Benelux region and invests in Education & Lifestyle, Business Services, Healthcare, IT Services and Financial Services sectors. Since 2011, Ufenau invested in over 300 service companies in Europe. Through a renowned group of experienced Industry Partners (owners, CEOs, CFOs), Ufenau has an active value-adding investment approach at eye-level with entrepreneurs and managers. Ufenau raised its seventh flagship fund with a volume of EUR 1.0bn and advises capital of EUR 2.5bn.
Altano Group expands its activities into the USA

Ufenau Capital Partners AG
Huobstrasse 3
CH 8808 Pfäffikon, Schwyz
ucp .ch

Categories: News