Multi-Location Veterinary Urgent Care & Wellness Provider, 8-Clinic Southern & Midwestern US Operator

$8.4M

Revenue

$2.8M

SDE

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Full Editorial Writeup

This is an eight-location veterinary group operating across the Southern and Midwestern US, built around a specific and defensible niche: extended-hour urgent care for dogs and cats. The model deliberately sits between the primary-care vet down the street and the expensive 24-hour emergency hospital, catching same-day cases like minor injuries, infections, GI issues, and sudden illness that owners do not want to wait days or pay ER prices to treat. Alongside urgent care, each site runs a full wellness book: exams, vaccinations, diagnostics, and routine treatments that pull the same pet owners back on a recurring cadence.

The numbers tell a growth story. Net revenue and adjusted EBITDA compounded at 31% and 18% respectively from 2023 through the TTM ended March 2026, landing at $8.35M revenue and $2.77M EBITDA, roughly a 33% EBITDA margin. That margin is strong for a multi-site vet operation and suggests the urgent-care positioning commands healthy per-visit economics without the overhead of full emergency infrastructure. Revenue is spread across eight clinics, so no single facility is a make-or-break dependency.

All eight facilities are leased under long-term, assumable agreements, meaning no real estate is bundled into the deal and the multiple reflects operations only. The single owner is selling to fund continued brand growth and is flexible on structure. For a buyer, this is a scaled, profitable, growing platform in one of the most durable corners of consumer spending: keeping pets healthy. It sits squarely in the path of the private-equity-driven veterinary consolidation wave, making it interesting both as a standalone operator play and as a bolt-on or roll-up base.

Why we like it

Earnings quality is real and growing: $2.77M EBITDA on $8.35M revenue is a ~33% margin, well above what a single general-practice vet clinic typically throws off. The 18% EBITDA CAGR since 2023 shows the profit is compounding, not a one-time spike, and it is spread across eight clinics rather than concentrated in one.
The moat is the positioning. Urgent care fills a genuine gap between the primary vet (booked out for days) and the ER (expensive, overkill for a minor issue), and pet owners will pay for same-day access when their animal is sick. Extended hours create a service advantage that a standard 9-to-5 clinic cannot easily copy.
Market tailwinds are among the best in SMB. Pet healthcare spend has proven remarkably recession-resistant, owners treat pets as family, and the veterinary sector is in the middle of a well-documented consolidation cycle that gives an eight-clinic platform multiple exit paths to PE-backed acquirers.
The revenue model carries recurring characteristics through the wellness book. Vaccinations, annual exams, and routine treatments pull the same pet owners back on a predictable cadence, and urgent-care visits convert new pets into ongoing wellness clients, layering repeat revenue on top of episodic urgent-care volume.

How to improve it

Attack SEO and local digital marketing immediately, which the seller flags as untapped. Urgent care is intent-driven: owners search 'emergency vet near me' at the moment of need, so ranking locally and running geo-targeted paid search in each of the eight markets should directly lift same-day case volume.
Roll out higher-margin diagnostics like ultrasound and endoscopy across all locations. These raise revenue per visit, keep cases in-house rather than referring out, and are a straightforward capex investment that leverages the existing patient flow at each clinic.
Build and price wellness membership plans that bundle annual exams, vaccines, and routine care into a monthly subscription. This converts episodic urgent-care patients into contracted recurring revenue, smooths cash flow, and materially increases the multiple a strategic buyer will pay at exit.
Formalize referral partnerships with groomers, trainers, and shelters in each market. These are low-cost patient-acquisition channels that feed both urgent and wellness volume, and they are exactly the kind of local network effect that compounds as the brand density grows.
Standardize operations and reporting across all eight clinics into a single clinical and financial dashboard. Consistent protocols, staffing ratios, and per-clinic P&Ls make the platform easier to manage remotely, expose underperforming sites, and are essential to defend margins during a growth push.
Open or acquire additional sites in adjacent Southern and Midwestern metros using the proven playbook. With a working urgent-care model and existing brand, densifying current regions is lower-risk than greenfield expansion and increases marketing and purchasing leverage.
Invest in staff retention: vet and tech labor is the binding constraint in this industry. Structured comp, sign-on and retention bonuses, and clear career paths protect the throughput that drives the whole model, since an understaffed clinic cannot capture urgent-care demand.

Diligence notes

Confirm the true owner earnings versus reported EBITDA. Verify how much of the $2.77M depends on the current owner's clinical hours or management labor, and normalize for market-rate vet and DVM medical director salaries, because unstaffed clinician time can quietly inflate a headline EBITDA figure.
Scrutinize the growth story behind the 31% revenue CAGR. Determine how much came from new clinic openings versus same-clinic organic growth, and get per-location P&Ls with maturity dates, because a platform propped up by recently opened, unramped sites carries different risk than proven same-store gains.
Verify the eight leases in detail. Confirm each is assumable as claimed, review remaining term, renewal options, rent escalators, and any personal guarantees, since the entire multiple assumes no real estate and long-term site continuity is the backbone of the business.
Assess staffing and licensing risk clinic by clinic. Identify how many licensed DVMs are employed versus contracted, review non-competes, turnover history, and any key-person dependency, because veterinary labor shortages can strand a location and kill its economics overnight.
Pull payer and pricing mix. Understand the split between urgent-care and wellness revenue, cash versus pet-insurance reimbursement, average ticket by service line, and pricing trends, so you can judge how durable the ~33% margin is under competitive and cost pressure.
Since no asking price is disclosed, benchmark against recent veterinary platform comps and clarify the seller's structure flexibility. Multi-site vet groups trade at premium multiples in the current consolidation market, so confirm what the seller expects and whether earn-outs or seller notes are on the table before committing diligence spend.

Source

Originally listed on BizBuySell. View original listing →