FORT COLLINS — Don˜t accuse Gary Burge of barking up the wrong tree. Burge, president and CEO of Fort Collins-based National PetCare Centers Inc., has convinced a $3 billion venture-capital company to invest $10 million in his company.Advent International, one of the world˜s largest venture-capital firms with investments in 14 countries, has agreed to invest the funds in exchange for a minority ownership stake in National PetCare.
Founded in June 1996, National PetCare is building a national network of veterinary hospitals. This year alone, the company has purchased 10 hospitals, merging some with existing facilities, for a total of 28 hospitals. Negotiations are ongoing to acquire several more hospitals across the country.
A company statement indicated that the Advent investment will enable National PetCare to "nearly double its size by the end of next year."
The company highlights the fact that it˜s owned and managed by "well-known and respected veterinarians," including Burge; Marv Johnson, chief operating officer; Ross Clark, regional vice president; Dick Thomes, vice president of acquisitions; Rich Johnson, vice president of surgery and quality control; Bob Cartin, regional vice president; and J.M. Kiel, regional director.
"NPC˜s advantage is that our founders have had many years of successful management experience in this profession," Burge said. "Advent will take a minority position in the company, which is critical to our strategy of having veterinarians continue to control NPC.
"Having the support of a leading financial investor like Advent will enhance our already strong credibility in the market," he added.
Advent has financed companies in a variety of industries, including specialty chemicals, health care, biopharmaceuticals, information technology, energy, consumer products and retail. Out of 350 companies financed, 90 have completed initial public offerings, an avenue in which National PetCare officials previously have expressed interest.