The Venture Codex

Participated · Equity · Jun 2013

Vets First Choice offers a technology-enabled platform that tracks medication and service compliance, drives client engagement, and enables veterinarians to dispense medications via an e-commerce channel. The platform has demonstrated the ability to triple pet owners’ use of prescribed or recommended products and services, helping practices grow revenues, improve profitability, and raise client satisfaction. The company provides technology solutions and support services to more than 20,000 veterinary practice partners and has more than doubled in size in the past year. Vets First Choice partners with veterinarians to identify gaps in patient care and to deliver pro‑active prescription management and population-health services. The company plans to launch new innovative services and begin a global expansion into Europe and Asia following its recent strategic investment. Founded in 2010 and headquartered in Portland, Maine, Vets First Choice serves companion and equine veterinary practitioners. Vets First Choice provides cloud-based prescription management, pharmacy services, marketing solutions and practice analytics to equine and companion animal veterinary practitioners. It partners with veterinary practices to deliver turn-key outsourced pharmacy and prescription management services supported by a portfolio of pet owner communication and engagement tools. The company says its services improve practice profitability, increase prescription compliance, reduce inventory and boost client engagement. Vets First Choice is the largest and most highly accredited operator in the market, holding recognitions from national accreditation boards including Vet-VIPPS and PCAB. Following the investment by Clayton, Dubilier & Rice and existing shareholders, the company plans to scale its network of practice partners, support the launch of new services and pursue strategic business development opportunities. The company intends to leverage new technology and services powered by its platform alongside CD&R's healthcare expertise and the existing management team. Vets First Choice is a privately-held national home delivery provider of FDA- and EPA-approved pharmaceuticals, therapeutic diets and compounded medications to pet owners on behalf of veterinary clinics, headquartered in Portland, Maine. The company operates as an online veterinary partner-pharmacy and marketing service, is an authorized distributor of more than 5,000 medications and diets, and holds pharmacy licensing in all 50 states along with Vet‑VIPPS accreditation. Vets First Choice reports registering more than a half-million pet owner subscribers via veterinary practices and partnering with more than 6,000 veterinary hospitals. Its suite of services is designed to improve medical compliance, reduce inventory costs, enhance customer service, and support the veterinarian‑client‑patient relationship for partner practices. Company leadership cites rapid subscriber growth—over 500,000 in three years—and says the business is well positioned for continued robust growth with new resources from investors. HLM Venture Partners and the company’s other investors are expected to support further innovation and consolidation in the veterinary pharmacy services market. Vets First Choice is a national home delivery provider of FDA- and EPA-approved pharmaceuticals, therapeutic diets and compounded medications to pet owners on behalf of veterinary clinics, partnered with more than 6,000 veterinary hospitals. The company is licensed in all 50 states and its pharmacy complies with licensing and inspection requirements and Vet-VIPPS. Earlier this year Vets First Choice acquired VetCentric.com, creating the market-leading veterinary partner-pharmacy provider, and recently launched a next-generation online shopping platform to its customer base. Its services aim to improve medical compliance, reduce inventory costs, and enhance customer service to support the Veterinarian-Client-Patient Relationship. The new investment will support continued growth and expansion in the veterinary services and home delivery space, a market the article estimates to exceed $5 billion in the U.S. Polaris’s strategic counsel and network are expected to aid the company’s innovation and expansion plans, according to company and investor statements.