Covetrus Announces $250 million investment by Clayton, Dubilier & Rice
By: David E. Shaw
As a founder and chair emeritus of Covetrus, I’m pleased to share this announcement of a convertible preferred equity investment by Clayton, Dubilier & Rice (CD&R), one of the company’s largest existing investors. This infusion of cash is supportive of the company’s global expansion plans to advance the world of veterinary medicine, including recent challenges associated with the COVID-19 pandemic.
Our investment relationship with CD&R goes back several years, to CVET predecessor company Vets First Choice. Via Ravi Sachdev and others, CD&R has been very supportive of the company’s success, including active involvement in governance and strategic guidance. The Covetrus press release for this transaction can be viewed HERE
Separately, Covetrus has shared news that our Prescription Management and Online Pharmacy Services platform has experienced accelerated demand in helping veterinarians maintain continuity of care for their pet and horse owner clients during the COVID-19 crisis.