Inspire Veterinary Partners, Inc. (Inspire Veterinary) owns and operates veterinary hospitals throughout the United States.
The company specializes in small animal general practice hospitals which serve all manner of companion pets, emphasizing canine and feline breeds and including equine care. As the company expands, it expects to acquire additional veterinary hospitals, including general practice, mixed animal facilities, and critical and emergency care.
As of December 31, 2023, the company...
Inspire Veterinary Partners, Inc. (Inspire Veterinary) owns and operates veterinary hospitals throughout the United States.
The company specializes in small animal general practice hospitals which serve all manner of companion pets, emphasizing canine and feline breeds and including equine care. As the company expands, it expects to acquire additional veterinary hospitals, including general practice, mixed animal facilities, and critical and emergency care.
As of December 31, 2023, the company had fourteen veterinary hospitals located in ten states. Inspire Veterinary has expanded and plans to further expand through acquisitions of existing hospitals. Because the company leverages a leadership and support structure, which is distributed throughout the United States, acquisitions are not centralized to one geographic area.
Services provided at the company’s hospitals include preventive care for companion animals consisting of annual health exams, which include: parasite control; dental health; nutrition and body condition counseling; neurological examinations; radiology; bloodwork; skin and coat health and many breed specific preventive care services. Surgical offerings include all soft tissue procedures, such as spays and neuters, mass removals, splenectomies and can also include gastropexies, orthopedic procedures and other types of surgical offerings based on a doctor’s training. In many locations additional means of care and alternative procedures are also offered, such as acupuncture, chiropractic and various other health and wellness offerings.
Inspire Veterinary expects to target a ten-unit per year acquisition pipeline with the five-year goal to acquire 50 locations throughout the United States.
Strategy
With an emphasis on general practice hospitals in its first seven to eight quarters, the company expanded into purchase of mixed animal hospitals in late 2022, adding equine care to its mix.
During its third calendar year, the company has plans to seek multi-unit practices with regional presence to facilitate growth for the company and also to move more swiftly into being a prime provider in select markets. The company accounts for acquisitions under the acquisition method.
Selling and Marketing
Inspire Veterinary has established contacts with most major veterinary brokerages and has purchased locations in every region of the United States, providing visibility and establishing a pipeline of deals, which allow the company to extend a letter of intent on approximately 10% of the hospitals, which are analyzed.
Government Regulation
The following descriptions of regulations constitute all applicable regulations to the company’s operations.
Veterinary Ownership Restrictions in Certain States
The State of Texas’ Veterinary Licensing Act’s, or V.T.C.A., Occupations Code Section 801.506 – Prohibited Practices Relating to Certain Entities prohibits non-licensed veterinary persons from owning or operating veterinary clinics in the state of Texas. The company operates two clinics in Texas and it is in compliance with applicable state law.
The State of Indiana’ Indiana Code, Article 38.1 Veterinarians, contains very little guidance dealing directly with veterinary practice ownership. There is no statute or regulation that explicitly defines what it means to have ‘ownership’ of a veterinary practice in Indiana. Generally, if the veterinary clinic is owned by a limited liability company, at least one member of the limited liability company must be a veterinarian, subject to the discretion of the Indiana Board of Veterinary Medical Examiners. The company operates one clinic in Indiana and it is in compliance with applicable state law.
Drug Enforcement Agency (DEA) Regulations
With veterinary care requiring the use of some controlled and scheduled drugs, utilization logs and security procedures must be maintained in order for hospitals and clinics to be compliant with federal law. Inventory of controlled drugs is conducted, and scheduled drugs are kept secured and locked for access and use, by Company veterinarian or acceptable registered technician only pursuant to applicable federal law.
In each of these cases, Inspire Veterinary has and will create structures which conform to legal standards and mitigate risk so as to allow the company to acquire and operate in the states in which it chooses to do so.
Properties
With a decentralized leadership team, the company does not have a physical headquarters, but rather, has a distributed leadership team working from home offices across several states.
Kauai Veterinary Clinic, (KVC)
The real estate underlying Kauai Veterinary Clinic is located at 1864 Haleukana Street, Lihue, Hawaii, and is owned by KVC Properties, LLC, a 100%-owned subsidiary of the company.
Chiefland Animal Hospital (CAH)
The real estate underlying Chiefland Animal Hospital is located at 2630 North Young Boulevard, Chiefland, Florida, and is owned by IVP FL Properties, LLC, a 100%-owned subsidiary of the company.
Pets & Friends Animal Hospital LLC (P&F)
The real estate underlying Pets & Friends Animal Hospital is located at 3625 Baltimore Ave, Pueblo, Colorado, and is owned by IVP CO Properties, LLC, a 100%-owned subsidiary of the company.
Advanced Veterinary Care of Pasco, LLC (AVCP)
The real estate underlying the company’s Advanced Veterinary Care of Pasco facility, located at 12116 Cobble Stone Drive, Hudson, Florida, is leased from Remappa Family Limited Partnership for one year with two additional possible three-year renewals. The lease consists of 2,442 square feet of commercial space zoned to permit the provision of veterinary services.
Lytle Veterinary Clinic, Inc. (LVC)
The real estate underlying Lytle Veterinary Clinic is located at 63245 Texas State Highway 132, Lytle, Texas, and is owned by IVP TX Properties, LLC, a 100%-owned subsidiary of the company.
Southern Kern Veterinary Clinic, Inc. (SKVC)
The real estate underlying Southern Kern Veterinary Clinic is located at 4455 West Rosamond Boulevard, Rosamond, California, and is owned by IVP CA Properties, LLC, a 100%-owned subsidiary of the company.
Bartow Animal Hospital
The real estate underlying Bartow Animal Hospital is located at 1515 US Highway 17 South, Bartow, Florida, and is owned by IVP FL Properties, LLC, a 100%-owned subsidiary of the company.
Dietz Family Pet Hospital
The real estate underlying Dietz Family Pet Hospital is located at 7002 Hand Road, Richmond, Texas, and is leased from Clarence and Erna Thielemann for a one-year term, with optional monthly renewals thereafter. The lease consists of 1,880 square feet of commercial space zoned to permit the provision of veterinary services.
Aberdeen Veterinary Clinic
The real estate underlying Aberdeen Veterinary Clinic is located at 728 South Philadelphia Boulevard, Aberdeen, Maryland, and is leased from H R Fritz LLC for a five-year term, with three additional optional 5-year renewals. The lease consists of 2,653 square feet of commercial space zoned to permit the provision of veterinary services.
All Breed Pet Care
The real estate underlying the All Breed Pet Care facility is located at 7501 Peachwood Drive, Newburgh, Indiana, and is owned by IVP IN Properties, LLC, a 100%-owned subsidiary of the company.
The Pony Express Veterinary Hospital
The real estate underlying The Pony Express Veterinary Hospital is located at 893 Lower Bellbrook Road, Xenia, Ohio and is owned by IVP TX Properties, LLC, a 100%-owned subsidiary of the company.
The Old 41 Animal Hospital
The real estate underlying The Old 41 Animal Hospital facility is located at 27551 Old 41 Road, Bonita Springs, Florida and 27567 Old 41 Road, Bonita Springs, Florida, and is owned by IVP FL Properties, LLC, a 100%-owned subsidiary of the company.
Valley Veterinary Services
The real estate underlying Valley Veterinary Services facility is located 408 Grace Lane, Rostraver Township, Pennsylvania 15012 (Parcel Nos. 56-12-00-0-148 and 56-12-00-0-144) and is owned by IVP PA Properties, LLC, a 100%-owned subsidiary of the company.
WealthSouth Real Estate Loans
Each WealthSouth loan bears a variable interest rate charged on all sum outstanding equal to the New York Prime Rate plus 0.50%, however, such rate can never be less than 3.57% per annum.
Competition
Competitors of the company possess the advantages of years in operation and the resulting brand awareness which comes with their size and time in existence. Additional advantages are the financial and infrastructure resources possessed by larger competitors such as Mars, Pathway, Southern Vet Partners, Community Vet Partners and others.
History
Inspire Veterinary Partners, Inc. was incorporated in 2020 in the state of Delaware.
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