Persistence Capital Partners Announces Investment in Summit Veterinary Pharmacy
During this difficult time, PCP continues to actively support the Canadian healthcare market
TORONTO, Ontario, April 14, 2020 – Persistence Capital Partners ("PCP"), a private equity fund focused exclusively on investing in high-growth opportunities in Canadian healthcare, is pleased to announce that it has made an investment in Summit Veterinary Pharmacy (“Summit”), Canada’s leading veterinary compounding pharmacy. This will be the fourth platform investment for PCP Fund III. Terms of the transaction were not disclosed.
Headquartered in Aurora, Ontario, Summit provides prescription drug services to veterinary clinics focused on companion animals. Founded in 1998 by Steve Organ after seeing a need for special doses and dosage forms for animals, Summit is an accredited Ontario pharmacy that prides itself on collaborating closely with prescribers to fill prescriptions across Canada. Summit offers many unique dosage forms to meet specific prescription needs which can help to improve a pet's medication compliance. Summit formulates potency-tested, quality compounds to exact prescription specifications and delivers them in an innovative range of dosage forms.
“We are fortunate to be able to continue to execute on our investment strategy at PCP during these challenging times. We believe that Summit plays an essential part in ensuring the health and well-being of its clients, supporting veterinarians and their clinics as well as their patients,” said Adrianna Czornyj, Partner at PCP. “Summit is led by a strong and dedicated management team that is focused on exceptional quality and customer service. We look forward to partnering with the Summit team to support the business through its next phase of growth.”
“We are excited to partner with PCP and continuing to execute on our strategy,” added Steve Organ, CEO. “We understand how difficult it is for our clients through this unprecedented time. We are here to support them in any way that we can. We are essential to our clients, and thus have remained fully operational through this pandemic. Although we have adjusted some of our processes to ensure the safety of our employees, we continue to produce the same high-quality compounds our clients have come to expect. The investment from PCP further strengthens our ability to deliver our services to our clients.”
Stuart M. Elman, Managing Partner at PCP, said, “While we are thrilled to announce the addition of Summit to our portfolio of leading Canadian healthcare companies, we fully recognize the difficulties the ongoing COVID-19 pandemic is causing to our families and neighbours, to the economy, and to our healthcare system. We want to use this opportunity to express our sincere gratitude to the frontline healthcare professionals working to save lives. These frontline workers include many of our colleagues working at our portfolio companies that continue to ensure that their patients receive the much-needed care, pharmaceuticals, and education that they require during this difficult time. We thank you for everything you’re doing and for going above and beyond in these extraordinary times.”