The Firmament Group Exits Destination Pet
NEW YORK, Nov. 13, 2019 /PRNewswire/ -- The Firmament Group (“Firmament”), a leading provider of tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs), announced today the sale of Destination Pet LLC (“Destination Pet”) to L1 Health, the healthcare investment platform for LetterOne.
Headquartered in Highlands Ranch, CO, Destination Pet provides pet care solutions and veterinary services in multiple U.S. geographic markets, with a major presence in the Southeast. At the time of sale, the Company owned and operated over thirty distinct facilities. Shane Kelly, who previously led several companies within the healthcare sector, founded Destination Pet in 2017.
LetterOne is an international investment business headquartered in Luxembourg. Its platform L1 Health targets leading companies and teams that occupy a strategic role in the healthcare sector. L1 Health will commit up to $450 million of capital to acquire and scale within the veterinary vertical.
Parris Boyd, a Principal at Firmament, said, “With Destination Pet, we proved our thesis that integrating veterinary health services with pet care solutions adds value for pet owners, and drove a successful outcome for investors.” Brian Peters, a Vice President at Firmament, added, “Destination Pet is a highly scalable business with superior end market characteristics and management. We wish L1 Health and Shane continued success growing the platform domestically and expanding internationally.”
LetterOne was founded in 2013 and is an international investment business headquartered in Luxembourg. LetterOne’s strategy is to build a new portfolio of successful companies that are leaders in their fields and sectors. It makes long- term investments of its own capital in companies in which its sectoral experience and strategic and geographic expertise will improve performance and help companies grow. It has recruited world-class CEOs, sector investment teams and Advisory Boards to invest at scale. It buys and builds assets, which it can develop over time as platforms of long-term sustainable growth. It invests through L1 Energy, L1 Technology, L1 Health and L1 Retail.
About The Firmament Group
The Firmament Group provides tailored debt and equity capital solutions to small- and medium-sized enterprises. Firmament is a value-added partner to entrepreneurs, management teams and business owners and curates solutions by deploying versatile capital in a user-friendly way. Firmament seeks both senior and junior debt capital opportunities including unitranche, second lien and mezzanine debt, and also provides equity capital structured as either preferred or common equity. With offices across the United States and in London, United Kingdom, Firmament is focused on turning small business into big business.
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SOURCE The Firmament Group