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Covetrus
Covetrus was formed in 2018 when Vets First Choice merged with the animal health business of Henry Schein, creating a global animal-health technology and...
Covetrus
Covetrus was formed in 2018 when Vets First Choice merged with the animal health business of Henry Schein, creating a global animal-health technology and services company. The merger was backed by Clayton Dubilier & Rice (CD&R) and TPG, which continue to hold board seats. Benjamin Wolin was appointed President and CEO in October 2019, bringing experience from Everyday Health. The company’s strategy centers on its Covetrus Platform, which combines practice management software, payment processing, diagnostics, medications and supplies, online pharmacy, compounding, care plans, client communications, and a pet-parent portal. Covetrus also offers branded equipment, supply-chain services, and diagnostic tools. The platform is used by thousands of practices through the VetSuite network. Covetrus serves independent practices, corporate practices, and suppliers, with a geographic footprint spanning over 20 countries across North America, Europe, Latin America, and Asia Pacific. Covetrus does not disclose total employees or AUM as an investment vehicle. The firm operates with a leadership team of about 13 named executives and a board that includes partners from CD&R and TPG alongside independent directors. Covetrus maintains additional offices in Phoenix, Arizona; Omaha, Nebraska; Fort Worth, Texas; Madrid, Spain; and Brisbane, Australia. Covetrus is structurally distinct as a portfolio company of two large private equity firms, with CD&R and TPG jointly controlling the board. This governance structure positions Covetrus as an operating company rather than a traditional investment vehicle, focused on consolidating and scaling technology-enabled services in the veterinary sector.
General information
Firm type
Asset Manager
Year founded
2018
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Portland
Corporate office
Portland, ME, United States
Additional offices
Phoenix, AZ · Omaha, NE · Fort Worth, TX · Madrid, Spain · Brisbane, Australia
Principals
Benjamin Wolin
President and Chief Executive Officer
Nicholas Jansen
Global Chief Financial Officer
Amy Sanford
Global General Counsel and Chief Human Resources Officer
Link Welborn
Chief Veterinary Officer
Bill Ng
Chief Operating Officer
Scot Gillespie
Chief Product and Technology Officer
Pete Perron
President, International
Simon Hellams
Senior Vice President, Asia Pacific
Phil Knisely
Chairman of the Board, Partner, CD&R
Ravi Sachdev
Partner, CD&R
Sarah Kim
Partner, CD&R
Jeff Rhodes
Co-Managing Partner, TPG Capital and TPG Healthcare Partners
Kendall Garrison
Partner, TPG
Sector focus
Frequently asked questions
Who makes investment and strategic decisions at Covetrus?
Benjamin Wolin serves as President and CEO. The board of directors, chaired by CD&R partner Phil Knisely, includes partners from both CD&R and TPG. Major strategic decisions—such as acquisitions and capital allocation—are made by the board. Day-to-day operations are led by Wolin and the executive team, many of whom have backgrounds in healthcare and technology.
How is Covetrus structured relative to its private equity owners?
Covetrus operates as a portfolio company controlled by CD&R and TPG. The board includes three CD&R partners (Phil Knisely, Ravi Sachdev, Sarah Kim) and two TPG partners (Jeff Rhodes, Kendall Garrison). CD&R and TPG collectively hold majority board seats, meaning strategic moves such as acquisitions or divestitures require their approval.
What sectors does Covetrus focus on?
Covetrus focuses exclusively on the companion, equine, and large-animal veterinary markets. Its products and services span practice management software, payment processing, diagnostics, medications and supplies, online pharmacy, compounding, and client communications. The firm does not invest outside of animal health.
Does Covetrus participate in direct investments or only operate as a service company?
Covetrus is an operating company, not an investment vehicle. It generates revenue by selling technology and services to veterinary practices. However, its private equity backers (CD&R and TPG) may execute acquisitions on behalf of Covetrus, as seen in the firm's continued expansion through add-on acquisitions.
Where does Covetrus operate geographically?
The firm's headquarters is in Portland, Maine. It has additional offices in Phoenix (AZ), Omaha (NE), Fort Worth (TX), Madrid (Spain), and Brisbane (Australia). Its distribution and supply network spans over 20 countries, with regional leadership teams for North America, Europe, Latin America, and Asia Pacific.
What is the VetSuite network?
Covetrus VetSuite is described as the first practice improvement network for veterinarians. It connects thousands of practices, enabling them to access discounted supply pricing, technology tools, and peer collaboration. Covetrus markets it as a way to increase productivity, enhance competitiveness, and improve profit margins.
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