Thrive Pet Healthcare Secures $350 Million Liquidity Boost
Deal News | Mar 31, 2025 | Ropes & Gray
Ropes & Gray has advised Thrive Pet Healthcare in a liability management transaction that strengthens the financial position of the healthcare firm. The deal, now completed, was announced on March 31 and provides Thrive with over $350 million in enhanced liquidity. This move also extends more than $1.7 billion in existing debt maturities, granting Thrive significant capital to fuel its operational and growth strategies. The transaction was unanimously supported by Thrive's existing lenders and equity sponsor, highlighting another successful client outcome for Ropes & Gray's distinguished liability management practice. The Ropes & Gray advisory team comprised partners and associates specializing in business restructuring, finance, private equity, tax, and mergers and acquisitions.
Sectors
- Healthcare
- Financial Services
Geography
- United States – Thrive Pet Healthcare operates a national network of veterinary hospitals across the United States.
Industry
- Healthcare – Thrive Pet Healthcare is a significant player in the healthcare industry, specifically focusing on veterinary services with a network of over 360 hospitals.
- Financial Services – The transaction involves debt restructuring and financing, crucial financial services activities.
Financials
- $350 million – Enhanced liquidity provided to Thrive Pet Healthcare.
- $1.7 billion – Amount of existing debt obligations with extended maturities.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Thrive Pet Healthcare | Target | Company | A leading owner and operator of a national network of over 360 veterinary hospitals across the United States. |
| Ropes & Gray | Legal Advisor | Company | An international law firm providing legal advice to Thrive Pet Healthcare in the liability management transaction. |
| Ben Rhode | Business Restructuring Partner | Person | Partner at Ropes & Gray involved in the transaction. |
| Ryan Preston Dahl | Business Restructuring Partner | Person | Partner at Ropes & Gray involved in the transaction. |
| Leonard Klingbaum | Finance Partner | Person | Partner at Ropes & Gray involved in the transaction. |
| Milap Patel | Finance Partner | Person | Partner at Ropes & Gray involved in the transaction. |
| Alex Zeltser | Finance Partner | Person | Partner at Ropes & Gray involved in the transaction. |
| Sandy Boer | Private Equity Partner | Person | Partner at Ropes & Gray involved in the transaction. |
| Pam Glazier | Tax Partner | Person | Partner at Ropes & Gray involved in the transaction. |
| Chris Comeau | M&A Partner | Person | Partner at Ropes & Gray involved in the transaction. |
| Rahmon Brown | Restructuring Associate | Person | Associate at Ropes & Gray involved in the transaction. |
| Andrea Daley | Private Equity Associate | Person | Associate at Ropes & Gray involved in the transaction. |
| Nell Ethridge | Finance Associate | Person | Associate at Ropes & Gray involved in the transaction. |