Phoenix Central Laboratory for Veterinarians, Inc. (“Phoenix Lab”), a full-service veterinary diagnostic laboratory located in Mukilteo, Washington, has been acquired by Zoetis Inc. (“Zoetis”), a leading animal health company. Zoetis discovers, develops, manufactures and commercializes medicines, vaccines and diagnostic products that are complemented by biodevices, genetic tests and a range of services. The acquisition of Phoenix Lab marks Zoetis’ entrance into the diagonistic laboratory space. Cascadia Capital was the exclusive advisor to Phoenix Lab in the transaction.
“The acquisition of Phoenix Lab by Zoetis is an exciting development in the companion animal health services space,” said Cascadia Managing Director, Bryan Jaffe. “In a category long dominated by two market participants, Zoetis will offer the veterinary community a compelling alternative, which will in turn change the consolidation dynamics in the category.”
“We engaged Cascadia at a time of great need for our business and ownership group,” said Phoenix Lab Chairman, Peggy Carter, DVM. “Cascadia worked at a breakneck pace to create a range of attractive alternatives for our shareholders, working diligently to deliver an outcome that not only met our financial criteria, but also enables us to continue to adhere to the values that make the lab great for the veterinary community.”
“The Phoenix Lab team is excited to be joining Zoetis,” said John Evans, Chief Executive Officer. “All of us are very appreciative of Cascadia’s efforts to make this happen. Their impact on this outcome cannot be understated.”
The acquisition of Phoenix Lab represents another successful transaction in the pet industry for Cascadia Capital and an extension of our expertise into the veterinary services sub-sector. Cascadia has closed four pet industry transactions in the past 12 months. Recent Cascadia clients in the space include Thunderworks, R2P Pet, Motivation Design (Kurgo®) and Nulo.
For more information about this transaction, please contact the Cascadia Capital deal team: