Liberty Mutual backs Synergy Pet Group with debt to fund pet-care expansion
What's the deal? Liberty Mutual InvestmentsDealroom has a profile for this one. Try Dealroom → (LMIDealroom has a profile for this one. Try Dealroom →) has provided growth capital in the form of debt financing to Synergy Pet Group, backing the company's expansion across pet services and veterinary technology. LoneTree CapitalDealroom has a profile for this one. Try Dealroom →, which made a growth investment in Synergy in 2023, remains a backer. Terms were not disclosed.
What does the company do? Synergy Pet Group serves pet owners, employers, brokers, and veterinary practices. Through its WishboneDealroom has a profile for this one. Try Dealroom → family of brands, it offers pet-related employee benefits and pet insurance; it has also expanded into veterinary technology via Shepherd Veterinary SolutionsDealroom has a profile for this one. Try Dealroom →, a subscription-based practice management system.
Why now? The financing extends LMI and LoneTree's 2023 investment rather than opening a new equity round. "This financing gives us the flexibility to invest in our businesses while staying focused on execution," said Charles Nebenzahl, chief executive officer of Synergy Pet Group.
Who's behind it? LMI is the investment firm for Liberty Mutual Group, deploying roughly $130B of long-term capital across the capital structure. Its Capital Solutions team provides tailored financing to portfolio companies.
What's the endgame? Synergy is positioning itself across more of the pet-care ecosystem, from benefits and insurance to software that helps veterinary teams run their practices. "Synergy Pet Group has built an exceptional platform at the center of the growing pet care economy," said Alex Kayvanfar, head of capital solutions at LMI.
The signal: The deal fits a broader push toward scaled, tech-enabled pet healthcare. Chewy agreed in April to buy clinic operator Modern Animal, while veterinary groups continue consolidating practices. Without disclosed terms, though, the financing's scale is hard to gauge.
Read more: business.thepilotnews.com
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