Pet Care Roll-Up ModelFree Financial Model Download

Name: Pet Care Roll-Up Model
Brand: Finamodel
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A 5-year operating and returns model for a private-equity-backed veterinary clinic roll-up (Mars VCA, NVA, IVC Evidensia, BluePearl, Pathway). Per-clinic visit and ticket build across four revenue streams (medical, retail, grooming, boarding), platform-level EBITDA after corporate overhead, an acquisition cash deployment schedule with PIK-style debt accrual, and a sponsor equity IRR / MOIC against a Year-5 exit at an expanded EBITDA multiple. Built so a PE associate, platform CFO, or M&A banker can flex acquisition pace, per-clinic economics, exit multiple, or debt rate and watch all the headline returns recompute.

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About this model

A pet-care roll-up model captures the five-year operating and returns arc of a private-equity-backed veterinary clinic consolidation platform (Mars VCA, NVA, IVC Evidensia, BluePearl, Pathway Vet Alliance, AmeriVet). The workbook runs across eight sheets — Cover, Assumptions, Clinic_Count, Revenue, P&L, M&A_Cash, Returns, Dashboard — plus the shared Disclaimer. Every input is a named-range cell, every formula is one or two operations long, and the workbook passes static-value, self-reference, dead-assumption, and unused-named-range scans.

The clinic count sits on the Clinic_Count sheet. Starting clinics carry into Year 1 from Assumptions; per-year acquisitions (Y1-Y5) and a small annual closure rate roll the panel forward. Closing clinics = opening + acquired − closed, and average clinic count is the opening/closing mean — this drives the per-clinic revenue and cost lines so a half-year acquisition isn't double-counted. The default trajectory takes 12 starting clinics through 16, 22, 30, 37, and 43 closing clinics by Y5, representing the classic PE platform thesis of front-loaded ramp followed by exit-prep moderation.

The Revenue sheet runs four streams off the average clinic count. Medical = per-clinic visits × medical ticket × clinics, compounded at the annual per-clinic revenue growth rate. Retail and food = medical × a fixed retail-percent (food, flea-and-tick product, premium chews). Grooming = grooming visits × grooming ticket × clinics. Boarding = boarding nights × ADR × clinics. Total revenue and revenue-per-clinic land at the bottom, with revenue-per-clinic at $1.5M Y1 ramping to $1.77M Y5 at the default 4% per-clinic growth — squarely in the $1.5-2M industry benchmark for a general-practice vet clinic.

The P&L sheet is the cost-stack institutional PE diligence underwrites. Vet comp = medical revenue × vet comp percent (22% default — vets earn off medical services, not retail or boarding). Support comp = average clinic count × support-per-clinic dollar amount (3-5 techs and 2-3 CSRs at full-loaded $475K per clinic). COGS splits between medical (10% of medical revenue for drugs, lab, supplies) and a higher percent on retail and grooming (55% — cost of food and product). Rent per clinic × average clinic count, marketing as percent of revenue, and corporate overhead as a fixed base ($1.2M for exec, finance, legal) plus a per-clinic add-on ($75K for RCM, IT, HR routed through the platform). EBITDA, D&A as percent of revenue, EBIT, tax on positive EBIT only, and net income flow out. The base case lands at 9-10% EBITDA margin in Year 1 (corporate overhead drag on a small panel) ramping to ~21% by Year 5 as the panel scales — the canonical 'corporate overhead leverage' that PE underwrites.

The M&A_Cash sheet is the capital deployment view. Acquisition spend per year = acquired clinics × trailing EBITDA per clinic × purchase multiple (default 7.5x × $360K per clinic = $2.7M per acquired clinic). Sponsor equity contribution = acquisition spend × sponsor equity percent (45% default), with the remaining 55% funded by acquisition debt. Interest accrues on the prior cumulative debt balance at the user-set acquisition debt rate (7.5% default, PIK-style — adding to principal rather than paid in cash), so the Y5 cumulative debt of $54M reflects both the $48M drawn over the hold and roughly $7M of accrued interest.

The Returns sheet runs the sponsor equity IRR stream: Year 0 zero, Years 1-5 negative equity contributions matching the acquisition pace, and a Year 5 positive equity proceeds (Exit EV less Y5 cumulative debt with accrued interest). Exit Enterprise Value = Y5 EBITDA × Exit Multiple (default 11x — what a 50+ clinic platform exits at to a strategic or larger PE sponsor). Equity proceeds at the base case land at ~$110M on $39M of equity invested, producing a sponsor MOIC near 2.8x and a sponsor IRR around 60%. Blended entry multiple and multiple arbitrage (Exit_Mult − Purchase_Mult) round out the headline metrics. Platform operating FCF is shown as informational only — in a true PE roll-up FCF services acquisition debt and funds follow-on M&A, not sponsor distributions during the hold.

The Dashboard collapses Y5 metrics onto one page: revenue, EBITDA, EBITDA margin, clinic count, sponsor IRR, MOIC, exit enterprise value, and multiple arbitrage, with traffic-light status flags on EBITDA margin and sponsor IRR against user-set thresholds. A Y5 revenue mix block shows the split across medical, retail, grooming, and boarding (default mix lands at ~80% medical, ~10% retail, ~5% grooming, ~5% boarding — typical general-practice composition).

Target users are PE associates and partners underwriting vet-platform deals at IC, operating CFOs at consolidator platforms running annual board reviews, lenders sizing acquisition debt facilities on the back of forward EBITDA, and bankers running a sell-side process on a platform exit. The model is calibrated against published economics from Mars VCA, National Veterinary Associates (NVA), IVC Evidensia, BluePearl, Pathway Vet Alliance, and AmeriVet — platform-level EBITDA margins typically run 18-25%, per-clinic revenue $1.5-2.5M, entry multiples 6-8x in 2024-2026 (compressed from 9-11x in 2021), exit multiples 10-13x for scaled platforms, sponsor equity contribution 40-55% of acquisition cost, and sponsor IRR targets 18-25% net of full debt service in a fully levered deal.

income_statement.xlsx

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What's included

Clinic panel: starting clinics, per-year acquisitions Y1-Y5, annual closure rate
Per-clinic revenue inputs: medical visits and ticket, retail % of medical, grooming visits and ticket, boarding nights and ADR, per-clinic revenue growth
Cost structure: vet comp % of medical, support per clinic, medical and retail/grooming COGS, rent per clinic, marketing %, corporate base + per-clinic
M&A inputs: purchase multiple, trailing EBITDA per clinic, sponsor equity %, exit multiple, acquisition debt rate
Clinic_Count sheet with opening, acquired, closed, closing, average clinic count
Revenue sheet with four streams (medical, retail, grooming, boarding), total revenue, revenue per clinic
P&L: vet, support, COGS, rent, marketing, corp overhead, EBITDA, D&A, EBIT, tax, net income, margins, identity check
M&A_Cash: clinics acquired, acquisition spend, sponsor equity, acquisition debt, cumulative equity, PIK interest accrual, cumulative debt
Returns: sponsor equity contribution stream, platform FCF (informational), exit equity proceeds, IRR, MOIC, blended entry multiple, multiple arbitrage
Dashboard with Y5 revenue, EBITDA, margin, clinic count, sponsor IRR, MOIC, exit EV, multiple arbitrage, Y5 revenue mix, traffic-light status

Built on the canonical PE roll-up thesis

When the question is "what equity IRR does a veterinary platform deliver at a given entry multiple, exit multiple, and acquisition pace?", a clean per-clinic revenue build plus a platform EBITDA stack plus an exit-multiple-arbitrage return is the answer. This template hands a PE associate, platform CFO, or M&A banker a one-page bridge from per-clinic economics to sponsor IRR.

Designed for one-edit responsiveness

Every input — starting clinics, acquisitions per year, per-clinic visit/ticket/mix, cost structure, purchase and exit multiples, debt rate — is a named-range cell. Edit one and the clinic count, revenue, P&L, M&A cash schedule, returns, and dashboard all recompute. No formula rewrites needed to test a different acquisition pace or multiple-arbitrage assumption.

Honest about debt service in a stylised structure

Cumulative acquisition debt grows year-on-year by both new debt drawn AND interest accrued on the prior balance at the user-set rate (PIK-style). The model excludes operating FCF from the sponsor IRR stream because in a real PE roll-up FCF services that debt and funds follow-on M&A — it isn't distributed to the sponsor during the hold. Sponsor returns come strictly from equity contributions in Y1-Y5 against exit equity proceeds.

Frequently asked

What is a pet-care roll-up model?+

A pet-care roll-up model captures the operating economics and sponsor equity returns of a private-equity-backed veterinary clinic consolidation play. It translates a clinic-count trajectory and per-clinic revenue/cost economics into a platform P&L, an M&A cash deployment schedule, and a sponsor IRR / MOIC on a five-year exit at a higher EBITDA multiple. It is how PE associates underwrite deals like Mars VCA, NVA, IVC Evidensia, BluePearl, and Pathway Vet Alliance.

Why does the IRR stream exclude operating FCF?+

In a true PE roll-up, operating free cash flow services acquisition debt and funds follow-on M&A — it isn't distributed to the sponsor during the hold. The model shows platform FCF as informational but excludes it from the sponsor IRR stream, so the IRR strictly reflects equity contributions in Y1-Y5 against exit equity proceeds in Y5. This is the institutional convention for sponsor returns in a leveraged platform deal.

Why is vet comp scaled off medical revenue, not total revenue?+

Veterinarians earn off medical services they perform — examinations, surgeries, diagnostics — not off retail food sales, grooming, or boarding. Scaling vet comp off total revenue would overstate the expense and depress modelled margins by 4-6 percentage points. The model uses the producer-comp convention every multi-site vet platform pays on.

How is the multiple arbitrage modelled?+

Purchase Multiple sits on the Assumptions sheet (default 7.5x trailing EBITDA — institutional 2024-2026 pricing for single-location vet practices) and Exit Multiple is separate (default 11x — what a scaled 50+ clinic platform exits at to a strategic or larger sponsor). The Returns sheet headlines the spread as Multiple Arbitrage = Exit_Mult − Purchase_Mult. Set the two equal to see what the deal looks like without multiple arb.

Can I extend it to a full LBO with debt amortisation?+

Not directly. The template uses a stylised PIK-style debt accrual (debt balance grows at the acquisition debt rate without principal amortisation or interest paid in cash). For a full LBO with senior/sub tranches, scheduled amortisation, and a covenant pack, layer the lbo template on top — point its debt schedule at this model's M&A_Cash sheet.