Miller Veterinary Supply
Bridgepoint Advises Miller Veterinary Supply on Its Sale to Patterson Companies, Inc. (NASDAQ: PDCO)
June 10, 2021 – West Point, NE – Principals of Bridgepoint Investment Banking (“Bridgepoint”) acted as the sole financial advisor to Miller Veterinary Supply (“Miller”) on its sale to Patterson Veterinary Supply, Inc., a subsidiary of Patterson Companies, Inc. (NASDAQ: PDCO) (“Patterson”). Patterson acquired substantially all of the assets of Miller, a multi-regional veterinary distributor.
Bridgepoint also previously acted as the sole financing arranger to provide Miller an asset-backed facility to refinance their existing debt with North Mill Capital, setting the stage for a successful sale.
Miller chose Bridgepoint to execute the complicated, multi-stage refinancing and sale process due to Bridgepoint’s expertise in leveraged finance and M&A advisory, as well as its deep connectivity in the healthcare sector. After COVID-19 dismantled a prior sale process, Bridgepoint helped the company recover the sale process and engage a strategic acquiror that complemented the values and service offerings that Miller has built since its founding in 1920.
“After our proprietary sale process stalled due to COVID-19, the Bridgepoint team helped us structure our capital stack and ran an aggressive and broad process that resulted in finding the perfect partner in Patterson Vet. Bridgepoint ultimately completed three processes for our animal health companies in the midst of a global pandemic. My shareholders and I benefitted greatly from Bridgepoint’s skills and values,” commented Miller President and CEO, Dr. David Gnad.
Bridgepoint Managing Director Gary Grote commented, “Dr. Gnad and his management team had grown Miller rapidly and reached the point of desiring a great partner to elevate the company to the next level in a highly competitive and consolidating animal health distribution market. Our team at Bridgepoint was pleased to assist Miller in both arranging appropriate financing and navigating a complex sale process with a large, publicly traded company.”
About Bridgepoint Investment Banking
Bridgepoint Investment Banking, a division of Bridgepoint Holdings NE, LLC, is a market-leading boutique impact investment bank. The Bridgepoint team, through their broker dealer relationship with M&A Securities Group, Inc., an unaffiliated entity, serves clients over their corporate lifecycles by providing capital raising and M&A advisory solutions. Bridgepoint serves clients globally across a range of focus sectors including veterinary services. Learn more about Bridgepoint Investment Banking at www.bridgepointib.com.
About Miller Veterinary Supply
Founded in 1920, Miller Veterinary Supply is a family-owned and -operated veterinary distribution wholesaler. Miller offers veterinary equipment, supplies, instruments, diagnostics, prescriptions, pet food, and generic pharmaceuticals. Learn more about Miller Veterinary Supply at www.millervet.supply.
About Patterson Companies Inc.
Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. Its comprehensive portfolio, distribution network and supply chain are equaled only by their dedicated, knowledgeable people who deliver unrivaled expertise and unmatched customer service and support. Learn more about Patterson Companies, Inc. at pattersoncompanies.com.