With more Americans owning pets and those pet owners increasingly prioritizing the health and well-being of those new pets, the market is ripe for veterinary hospitals everywhere. So the closing of Inspire Veterinary Partners Inc.’s (NASDAQ: IVP) Initial Public Offering (IPO) last month, marking the introduction of the first publicly traded vet services company is a great opportunity for investors who want to gain exposure to that $61 billion vet services market.
Inspire generated $6.4 million in gross proceeds from the IPO which will fund its ongoing growth strategy as it works on finalizing a series of new acquisition deals. The owner and operator of a growing network of acquired veterinary hospitals has set a goal of 10 new acquisitions per year over the next five years, giving investors plenty to look forward to with this new entry on the NASDAQ.
Vet Hospitals Are Poised For Growth As Pet Owners Take Greater Interest In Pet Health And Wellbeing
Unlike other pandemic-era booms that went bust soon after quarantines lifted, the pet boom began decades before COVID and shows every sign of being here to stay. Today, 62% of Americans own at least one pet (about half of those pet owners have two or more). As pet ownership increases, so does the amount owners spend on their pets. Even as inflation strains household budgets, nearly half of pet owners say they haven’t made cuts to their monthly spending on their pets.
Inspire Is A Vet Hospital Consolidator With A Flexible, Long-Term Approach To Acquisitions
Inspire’s approach to consolidation is unique. Rather than an exit-driven strategy, the vet hospital owner structures acquisitions with the goal of owning that hospital for the long term and helping it improve its operations, costs and revenue along the way. ...