L Catterton Makes Strategic Investment in Japanese Veterinary Services Group Withmal

Withmal enables owners of small pet clinics in the country
to extend the longevity of their practices and better serve the pets in their community

TOKYO, Sept. 11, 2023 /PRNewswire/ -- L Catterton, a leading global consumer-focused investment firm, today announced that it has made a strategic investment in Withmal, a growing veterinary services group in Japan. The transaction positions Withmal to accelerate its expansion in the country's large and attractive veterinary services market, increasing the number and quality of touchpoints it has with pet parents.

The veterinary services market in Japan has been steadily growing and is very fragmented, presenting Withmal with significant opportunities to expand and enhance the standard of care pets receive. The vast majority of the nearly 13,000 pet clinics in the country are small businesses and many are owned by vets in their 50s or older with no succession plans. For such vets, joining Withmal is a potential solution as the group can continue running their practices after they retire. They can also leave ancillary operational and administrative tasks to Withmal and focus on treating pets, leveraging the group's best-in-class equipment and facilities.

Benefitting from these structural tailwinds, Withmal has grown over the years to become one of the largest veterinary services groups in Japan. It now has over 20 pet clinics across the country and is expected to continue growing briskly, given its founder's stellar reputation and extensive network in the industry. Withmal has also been able to attract and assemble a strong team of vets as it provides excellent work-life balance. Being committed to building a talented and diverse workforce, around half of its vet positions are held by women.

"Pets are treasured members of many families in Japan, and it is our mission to build a highly trusted veterinary services group that pet parents across the country can rely on for their pets' healthcare needs," commented Withmal founder and CEO Tomoki Yamasaki. "L Catterton has an outstanding track record of growing pet care businesses across the world as well as deep consumer and industry insights. We are confident that we have found the right partner to help us realize our vision, and look forward to leveraging its expertise as we further grow over the coming years."

"Withmal is a scalable enterprise in a robust category in Japan that also addresses a very real challenge faced by business owners in the country ? the lack of successors," added Taka Shimizu, a partner in the Asia fund of L Catterton. "Like many other small- and medium-size businesses in Japan, a large number of pet clinics in the country have founders who are planning to retire over the next decade with no one succeeding them. By joining Withmal, however, they can extend the longevity of their practices and not only continue to serve their customers, but also do so with greater devotion and resources."

L Catterton has significant experience building brands in the pet care space across the world. Current and past investments in the sector include Alliance Animal Health, Butternut Box, Canidae, Drools, Harringtons, Instinct^®, JustFoodForDogs, Lily's Kitchen, Old Mother Hubbard^®, Partner Pet, Petlove, PetVet Care Centers, Pure & Natural, and Rachael Ray^® Nutrish^®.

About L Catterton

L Catterton is a market-leading consumer-focused investment firm, managing approximately $34 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton's team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world's most iconic consumer brands. For more information about L Catterton, please visit www.lcatterton.com.

About Withmal

Withmal is a veterinary services group founded in 2018 that aims to be a highly trusted partner that pet parents across Japan can rely on for their pets' healthcare needs. It has built a strong team of vets by cultivating an environment where they can focus on treating pets, and is also seen by aging vets who own small pet clinics as a potential solution to their succession planning challenges. Accordingly, it has grown significantly since its establishment and now has over 20 clinics across the country, with more in the pipeline. For further information about Withmal, please visit www.withmal.co.jp.

CONTACTS

L Catterton

Julie Hamilton (U.S.)
[email protected]
+1 203 742 5185

Bob Ong (Asia)
[email protected]
+65 6672 7619

Withmal

Naoaki Ichikawa
[email protected]

SOURCE L Catterton