VitalPet Successfully Closes Sale to Destination Pet

HOUSTON, March 30, 2020 /PRNewswire/ -- Veterinary Care, Inc. (d/b/a "VitalPet") announced today that it has successfully closed its sale to Destination Pet, LLC ("Destination Pet") under section 363 of the bankruptcy code. Under the terms of the transaction approved by the Southern District of Texas Bankruptcy Court, Destination Pet will also assume certain liabilities, for a total transaction value of $47 mm.

Statement from Douglas J. Brickley, Chief Restructuring Officer of VitalPet:

"I am very pleased with the results of the sale process, as I believe it positions all of VitalPet's hospitals and its dedicated staff to move forward and continue providing the high standard of care for which they are known. It is a great result for doctors, employees, creditors and equity holders. I'd specifically like to thank VitalPet's doctors and employees for their support. Their commitment to serving VitalPet's customers through this trying five month period is truly impressive and I thank them for their dedication.

Moreover, to consummate a sale of this magnitude, in the current world economic climate, and after VitalPet was thrust involuntarily into Chapter 11, is nothing short of miraculous. My investment bank, Gordian Group, my bankruptcy counsel, Okin Adams, my transaction counsel, Wick Phillips and my financial advisor The Claro Group, all served VitalPet admirably. I wish Destination Pet all success going forward."

Okin Adams LLP served as legal counsel, Wick Phillips LLP served as transaction counsel, The Claro Group as financial advisor, and Gordian Group, LLC as investment banker to VitalPet. Porter Hedges LLP and Holland & Hart LLP served as counsel to Destination Pet.

SOURCE The Claro Group