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Written for health practice buyers and owners
Buying a medical, dental or veterinary practice: the goodwill is the loan, and the billings are the security.
Nine health professions, nine industries, and lenders treat them as one class: businesses that collect their income within a week, carry almost no debt, and are worth exactly what their practitioners bill. That is why a registered health professional can borrow to 100% of a practice price with no property taken, and to 95% of a home with no mortgage insurance, and it is also why the assessor reads the contractor agreements and the payroll tax position before the price. This page gives you the numbers behind each profession and the structures a lender will fund.
Subject to lender criteria, security position and eligibility. Lender positions checked September 2026. Figures on this page reviewed quarterly, last reviewed September 2026. Next review: December 2026.
At no cost, we review your position and discuss how we will approach funding your deal. No lender sees anything until you say so.
30 minutes with Priyank, former bank lending manager and commercial credit analyst, member of the Australian Institute of Business Brokers.
On this page
Nine professions, in numbers
Cash businesses with no debt, priced on what one person bills.
General practice turns over $29.1 billion across 53,415 businesses; dentistry $15.2 billion across 20,919; veterinary services $6.3 billion across 3,605. The published margins run from 5.7% in pharmacy to 23.1% in dentistry, and every one of them understates the owner’s income, because in a sole-proprietor practice the owner is paid from profit. Read the table for the shape of each profession, then rebuild the practice in front of you.
| Profession | Industry revenue, businesses | Per business: revenue, profit, margin | What it means for your deal |
|---|---|---|---|
| General practice | $29.1bn, 53,415 businesses | $544,400, $62,600, 11.5% | Bulk-billing at 77.9% and Medicare indexation behind costs. Most practices are sole proprietorships; the profit is the GP’s wage. |
| Specialist medical | $17.5bn, 26,591 businesses | $660,000, $50,800, 7.7% | Wages are 66.3% of revenue and revenue per practice has fallen from $803,800 in 2021-22. The specialist is the practice. |
| Dental | $15.2bn, 20,919 businesses | $726,500, $167,800, 23.1% | Patients pay more than 60% directly and insurers about 20%. The highest margin of the nine, and the one private equity is buying. |
| Veterinary | $6.3bn, 3,605 businesses | $1.7m, $239,400, 13.8% | Vacancies took 25 weeks to fill in 2023. Retiring vets find few successors who can fund a purchase, so values are rising. |
| Pharmacy | $29.9bn, 4,305 owners, 6,088 stores | $7.0m, $396,300, 5.7% | Purchases are 67.1% of revenue. A pharmacy loan is sized on stock and PBS receivables as much as goodwill, and only a registered pharmacist may own one. |
| Physiotherapy | $4.1bn, 9,963 businesses | $415,100, $65,200, 15.7% | Margin down 11.9 points in five years as the NDIS price limit sits below market rates. Wages are 47.3% of revenue. |
| Optometry | $5.2bn, 3,361 businesses | $1.5m, $252,600, 16.4% | One chain holds 33.9% of revenue. The finance conversation is usually a franchise partner buying in, not a sole owner. |
| Chiropractic and osteopathic | $2.0bn, 6,866 businesses | $286,400, $53,300, 18.6% | Small practices with no major players. Funded on the general business route, and on the practitioner’s own income. |
| Other allied and community health | $18.5bn, 50,334 businesses | $367,800, $40,800, 11.1% | Podiatry, psychology, audiology, occupational and speech therapy and midwifery, counted with community health centres and blood banks. NDIS-registered income is what a lender reads. |
IBISWorld: General Practice Medical Services (Q8511), September 2025; Specialist Medical Services (Q8512), September 2026; Dental Services (Q8531), June 2026; Veterinary Services (M6970), July 2026; Pharmacies (G4271A), July 2026; Physiotherapy Services (Q8533), April 2026; Optometry and Optical Dispensing (Q8532), July 2026; Chiropractic and Osteopathic Services (Q8534), July 2026; Alternative and Other Health Services (Q8539), June 2026. Latest year in each report. General information only, not a valuation and not advice about any particular practice.
Why lenders like these industries, in three ratios
General practice carries debt of about 0.1 times net worth and covers its interest 15.7 times over; dentistry 0.3 and 9.9 times; veterinary services 0.2 and 17.7 times. Receivables are collected in about a week in general practice and ten days in dentistry, because Medicare, the health funds and the patient pay at the counter. A practice purchase is therefore a goodwill loan serviced from billings, not a balance-sheet loan, and the questions a lender asks are about the practitioners who bill, the agreements that keep them, and the tax that attaches to what they are paid. Source: the IBISWorld financial ratio tables for each industry, 2023 benchmark year.
What a lender funds
Four purchases, four structures, and the profession decides the desk.
A health practitioner buys four things over a career: a share of a practice or the whole of it, the premises it runs from, the equipment and fit-out inside it, and a home. Lenders run a separate policy for each, and the medico policies are the most generous in commercial lending because the income is regulated, recurring and collected fast. These are the positions our panel holds in writing, with the date each was checked.
Buying in, or buying the practice
Professional practices funded to 100% of the price with no property taken, where the total debt stays inside three times earnings. Medical centres, diagnostic businesses and day hospitals lent against at up to 3.5 times adjusted EBITDA or 70% of an external valuation; dental and veterinary practices at up to 3 times or 70%, on the desk that looks for $2.5 million of revenue and $1 million of debt or more. Smaller practices are funded on the general business route, on cash flow and the people behind it.
Checked September 2026. Subject to the lender’s assessment.
The premises
Practice premises bought alongside the practice to 80% of value where they are held as security, with specialists and surgeons able to borrow up to $1 million more and GPs up to $250,000 more, assessed on their own personal-exertion income. Strata medical suites to 80% with a non-bank desk that carries no annual review in most cases and up to five years interest-only, for a practitioner who wants the rooms without the bank’s covenants.
Checked September 2026.
Equipment and fit-out
Dental chairs, imaging, sterilisation, consulting-room fit-out and practice software funded on their own terms and useful life rather than folded into the goodwill loan, which keeps the goodwill facility inside the earnings test. Equipment finance is assessed on bank statements to $1 million of exposure with one lender and on full financials to $2 million with another.
Checked September 2026.
The home
Doctors with general or specialist AHPRA registration buy with a 5% deposit and no lenders mortgage insurance, at 95% with selected lenders and 90% with more of them; dentists, veterinarians, pharmacists, physiotherapists and chiropractors are commonly offered 90 to 95% without insurance depending on the lender. A dentist twelve months into self-employment can be assessed on alternative documents for a bridging loan to 80%, so a short trading history is not the end of the conversation.
Industry guides, September 2026; lender scenario, September 2026.
Subject to lender criteria, security position and eligibility. Lender positions from written policy summaries and scenario answers held by Prevail Finance, checked September 2026, and published broker guides updated September 2026. We arrange credit; we do not provide legal, tax or accounting advice.
The rebuild
A practice is advertised on earnings that assume the principal bills for nothing and the state charges no payroll tax.
The industry research says it plainly for general practice: many GPs draw their wage from profit, understating wages and overstating margins. Add the principal’s own billings, which leave with the principal unless you are the clinician replacing them, and the payroll tax that most states now charge on payments to contractor practitioners, and the advertised earnings move. A lender rebuilds them before it lends; so should you, before you offer.
| The rebuild: a five-doctor general practice in metropolitan Sydney | Amount | Why it moves |
|---|---|---|
| Practitioner billings | $2,400,000 | Five full-time-equivalent GPs. The practice keeps a service fee, in this example 35%, under the contractor agreements. The agreements are the asset. |
| Earnings as presented | $420,000 | The number the listing leads with, after nursing and administration wages, rent and consumables. |
| The principal’s own billings, if you are not the clinician replacing them | − $105,000 | The vendor bills $300,000 a year part-time; the practice’s 35% of it walks out the door with the vendor unless a doctor of equal billing walks in. |
| Payroll tax on contractor payments | − $60,000 | At a 75% bulk-billing rate in metropolitan Sydney the practice misses the 80% rebate threshold and pays payroll tax on the contractor doctors’ share. The same practice in Queensland pays none. |
| A practice manager at market, if the vendor did the job | − $45,000 | Someone runs the roster, the recalls, the accreditation and the software, and is paid for it. |
| Software, fit-out and equipment deferred before sale | − $20,000 | The practice management system, the sterilisation cycle, the consulting rooms that have not been touched in a decade. |
| What the lender assesses | $190,000 | The practice has not changed. Only your understanding of it has. At 3.5 times, the loan reads $665,000, not the $1.47 million the advertised earnings suggest. |
Illustrative only, to show the shape of the adjustment. Not a valuation and not a representation about any particular practice. The service-fee percentage and the payroll-tax figure are examples; yours come from the contractor agreements and your state’s revenue office. General information only, current at September 2026.
Payroll tax on contractor practitioners, state by state
Since the courts held that payments to contractor doctors under service agreements can be taxable wages, every state has gone its own way. For a buyer the position decides the earnings, and therefore the price, of an identical practice on either side of a border.
| State | Position for contractor GPs | Effect on the earnings you are buying |
|---|---|---|
| Queensland | Permanent exemption for GP wages, employee and contractor, administered from 1 December 2024 and legislated in February 2025. No bulk-billing threshold. | Full certainty. Specialists and allied health are not covered. |
| New South Wales | A rebate for medical centres paying contractor GPs where the practice meets a bulk-billing threshold, at least 80% in metropolitan Sydney and 70% elsewhere; audits recommenced 4 September 2024. | A cliff. Below the threshold the practice pays in full, and a mixed-billing practice sits on the wrong side of it. |
| Victoria | Exemption from 1 July 2025 in proportion to fully funded (bulk-billed) work; privately billed work stays taxable; earlier years covered by ex-gratia relief. | The bulk-billing ratio is a line in your model. Track it monthly. |
| South Australia | Exemption from 1 July 2024 for the bulk-billed share of GP services, calculated as bulk-billed services over all services in the period; the earlier amnesty closed to registrations on 30 November 2023. | Proportional, and it needs a billing split the software can produce. |
| Australian Capital Territory | Exemption from 1 July 2025 for GP wages on bulk-billed, DVA and workers-compensation services, service by service, with no overall threshold. | Protects bulk-billed revenue without a cliff. |
| Western Australia | No relevant-contract provisions; contractors are tested on common-law employment principles above the $1 million threshold. | Low exposure for small practices; a structure question for large ones. |
| Tasmania | No legislated exemption; the harmonised relevant-contract rules apply above the threshold. | Exposure on the standard rules until legislation lands. |
Revenue offices of South Australia (ruling PTASA004) and New South Wales (medical services guidance), read September 2026; the NSW thresholds and the other rows from a compliance consultancy’s state-by-state summary of 28 May 2026, to be confirmed against each revenue office before you rely on them. The law changes state by state and year by year; take advice from your accountant before you price a practice on it.
Profession by profession
The same loan, read five different ways.
Doctors: general practice and specialists
The GP bulk-billing rate was 77.9% in the year to June 2025, down from 88.9% in 2020-21, and the Level B schedule fee reached $43.90 on 1 July 2025 after a decade behind inflation. From 1 November 2025 a practice that bulk-bills every eligible service earns an extra 12.5% on its Medicare benefits, split evenly between practice and doctor. Supply is the story: full-time-equivalent GPs per 100,000 people fell to 110.4 in 2023-24, more than 49% of GPs are over 55, and about a third plan to stop within five years. More than 60% of practices are sole proprietorships. For a buyer that means the vendor is usually the biggest biller, the contractor agreements are the goodwill, and a practice in a shortage area with a doctor pipeline is worth more than one without. Specialist practices are a different animal: wages 66.3% of revenue, a 7.7% margin, and the specialist is the business.
Funded on: medical centres to 3.5 times adjusted EBITDA or 70% of valuation; professional practices to 100% of price inside three times earnings; homes to 95% without mortgage insurance.
Dentists
Patients pay more than 60% of dental spending directly and health funds about 20%; 55.3% of Australians held extras cover at December 2025 and a record 54.9 million dental services were claimed under it in 2024-25. Practitioner numbers grew 11.7% between June 2020 and December 2025 and 82% of employed dentists work in major cities, so the regional practice with a full book is the scarce asset. Private equity has bought the chains: Pacific Smiles, National Dental Care, Maven and 1300 Smiles all sit under funds, and Bupa runs 145 clinics, which sets both the price of a multi-chair practice and your exit. Long-term debt in the industry has risen to 48.3% of liabilities and net worth as practices borrow for equipment and fit-out, which is where a new surgery fit-out goes.
Funded on: dental practices to 3 times adjusted EBITDA or 70% of valuation; the surgery to 80%; chairs and imaging on equipment terms.
Veterinarians
Australians spent $1.9 billion on vet services in the year to March 2025 and 73% of households own a pet, yet vacancies took 25 weeks to fill in 2023 and every state is short of vets and vet nurses. Owner-operated practices fell 2.5% in 2024-25 as EQT’s $1.4 billion purchase of VetPartners, CVS, Apiam and the funds behind Greencross and Vets Central rolled up clinics, and the four largest groups now hold just over a fifth of revenue. Retiring vets find few successors who can fund a purchase, which is lifting values in the cities and stranding clinics in the regions. Ownership rules differ by state: in New South Wales a veterinarian must hold the controlling interest. South Australia’s new Act took effect on 1 July 2026 and New South Wales has a bill due in Parliament this year.
Funded on: veterinary practices to 3 times adjusted EBITDA or 70% of valuation; the clinic to 80%; imaging and surgical equipment on its own terms.
Pharmacists
Only a registered pharmacist may own a pharmacy, no company may, and a proprietor is capped at four to six stores depending on the state; the Location Rules decide where a new one may open, so an approved storefront is itself a start-up cost. The Eighth Community Pharmacy Agreement runs from 1 July 2024 with $26.5 billion over five years, 60-day dispensing was fully rolled out by September 2024, and the dispensing fee moved to $8.88 from 1 January 2026. Purchases are 67.1% of revenue on a 5.7% margin, so a pharmacy loan is sized on stock, PBS receivables and the approval number as much as on goodwill. Our pharmacy page and guide carry the full read.
Funded on: the pharmacy route on our pharmacy page; the premises to 80%.
Allied health: physiotherapy, optometry, chiropractic, osteopathy and the rest
Physiotherapy’s margin fell 11.9 points in five years as the NDIS price limit of $183.99 an hour sat below the $236 the profession asked for, while Medicare pays for at most five chronic-disease allied health services a year and health funds paid $503.9 million for 12.2 million physiotherapy services in 2024-25. Optometry is a chain business, with one group at 33.9% of revenue, so the finance is usually a franchise partner buying in. Chiropractic and osteopathic practices are small and have no major players. Podiatry, psychology, audiology, occupational and speech therapy sit with the NDIS-registered providers, where the registration and the plan-managed income are what a lender reads.
Funded on: the general business route for smaller practices, on cash flow and the practitioner’s own income; homes to 90 to 95% without insurance depending on the lender.
IBISWorld, the nine reports cited above, latest editions April to September 2026. Lender positions checked September 2026; subject to the lender’s assessment.
The screening register
One is a negotiation. Three is a walk.
Good practices attract corporate bidders and cash buyers, which is exactly when discipline pays. These are the recurring twelve for a practice purchase, and the remedy for each.
Income and practitioners
Goodwill that is personal, not commercial. Patients follow one clinician, the recall system is a memory, the brand is a surname. Price the practice on what stays: the associates, the systems, the location.
The principal is the biggest biller. More than a third of billings from the vendor. Either you replace them clinically, or the price falls to what the rest of the practice earns.
Contractor agreements that do not bind. No signed agreements, no restraint, no notice period. Signed agreements with a restraint that holds as a condition of contract.
Income that is one funder. More than half the revenue from one contract, one insurer’s preferred-provider scheme or one NDIS plan manager. Read the agreement’s exit terms before the financials.
Tax, compliance and registration
Payroll tax not in the numbers. A mixed-billing practice in a threshold state, priced as if the exemption applied. Model the tax on the actual billing split, and price the earnings after it.
Medicare and PBS compliance. Provider numbers, item use, PBS approval, an audit letter in the drawer. Three years of Medicare statements and any correspondence, reviewed by your accountant.
Registration that does not transfer. Accreditation, NDIS provider registration, a pharmacy approval number, radiation licences. Each transfers or is re-issued on a timetable that goes in the contract.
Ownership you are not allowed to have. A pharmacy or, in New South Wales, a veterinary practice without a registered practitioner holding the controlling interest. Structure first, offer second.
Premises, equipment and people
A lease shorter than the loan. Practice fit-outs are expensive to move. A lease with options that outlast the facility, or the premises bought alongside.
Equipment at the end of its life. Chairs, imaging, sterilisers and software due for replacement inside two years. Price the replacement, and finance it on its own terms.
The owner’s wage is not in the numbers. A principal drawing from profit, and a practice manager who is the owner’s spouse. Market wages for both, so you compare like with like.
The practice is the vendor. The founder who greets every patient and every referrer leaves at settlement. A handover measured in months, the associates staying, a restraint that holds. Or no deal.
Anything touching the practitioners counts double
A practice is a set of clinicians under agreements, billing under provider numbers, in a state with a payroll tax position. Everything you pay assumes the clinicians stay and keep billing, so an unsigned agreement, a departing principal or a tax exposure is not one finding among twelve. It is the finding.
The pack
Funding is decided on the submission, not only the practice.
A practice purchase is a goodwill loan, which makes presentation matter more, not less. What is achievable turns on the rebuilt earnings, the agreements that keep the clinicians, the payroll tax position, the buyer’s own registration and billing history, and whether the premises or any property sits behind the transaction.
Send us the practice
Three years of financials and tax returns with add-backs itemised; the billing reports by practitioner and item for three years; every contractor and associate agreement; the lease, or the title if you are buying the premises; the accreditation, registrations and any Medicare or revenue-office correspondence; and the equipment register with ages. Within 24 hours you have our answer: fundable, not fundable, or what’s missing.
And yourself
AHPRA or board registration, your own billing history for two years, a statement of position, the capital contribution and its source, and, if you are buying in, the practice agreement you are being offered. Once you accept our quote, your written Action Plan follows within one business day: what happens, in what order, the funding pathway scoped for that practice, an indicative pricing band, and the finance clause date your contract needs.
Structure before you sign
Service entities, unit trusts and practice companies are the norm in health, and the lender will read every one of them. Whether a structure is right for you belongs with your accountant and solicitor; we work alongside both, and we place the file with the desk whose policy fits the structure you have chosen. Deposit workings are set out on our business deposit guide.
Subject to lender criteria, security position and eligibility. We arrange credit; we do not provide legal, tax or accounting advice.
Nine questions, two minutes. Then a call within four business hours. No credit enquiry, and no lender sees anything until you say so.
Fair questions
Straight answers.
How much can I borrow to buy a medical practice in Australia?
To buy a medical practice in Australia, professional practices are funded to 100% of the price with no property taken where the total debt stays inside three times earnings, and GP-centred medical centres, diagnostic businesses and day hospitals are lent against at up to 3.5 times adjusted EBITDA or 70% of an external valuation on the desk that looks for $2.5 million of revenue and $1 million of debt or more. Smaller practices are funded on the general business route, on cash flow and the people behind them. The loan is sized on the rebuilt earnings after the principal’s own billings, payroll tax and a manager at market, not on the advertised figure. Checked September 2026; subject to the lender’s assessment.
How much can I borrow to buy a dental practice?
To buy a dental practice in Australia, lenders go to 3 times adjusted EBITDA or 70% of an external valuation on the specialist desk, and to 100% of the price without property for professional practices that sit inside three times earnings on the professional-services route; the surgery bought alongside goes to 80% of value, and chairs, imaging and fit-out are financed on equipment terms so they do not crowd the goodwill facility. Dentistry’s 23.1% industry margin is the highest of the health professions, patients pay more than 60% of the bill directly, and private-equity chains set the price of multi-chair practices. Checked September 2026; subject to the lender’s assessment.
How much can I borrow to buy a veterinary practice?
To buy a veterinary practice in Australia, lenders go to 3 times adjusted EBITDA or 70% of an external valuation, with the clinic premises to 80% alongside and surgical and imaging equipment on its own terms. Veterinary services carry industry debt of only 0.2 times net worth and interest cover of about 18 times, and demand is strong: 73% of households own a pet and vacancies took 25 weeks to fill in 2023. The complications are ownership rules, since a veterinarian must hold the controlling interest in New South Wales, and the corporate groups bidding for the same clinics. Checked September 2026; subject to the lender’s assessment.
Can doctors get a home loan with no LMI?
Doctors in Australia with general or specialist AHPRA registration can buy a home with a 5% deposit and no lenders mortgage insurance: 95% with selected lenders and 90% with more of them, with no fixed income minimum at some lenders and without Australian Medical Association membership for every offer. Provisional, limited and non-practising registration are normally excluded. Dentists, veterinarians, pharmacists, physiotherapists and chiropractors are commonly offered 90 to 95% without insurance depending on the lender. Practice goodwill, equipment, fit-out and premises need separate business or commercial finance. Published broker guides, September 2026; subject to lender criteria.
Does payroll tax apply to contractor doctors, and does it change the price of a practice?
In Australia, payments to contractor doctors under service agreements can be taxable wages for payroll tax, and each state has set its own relief: Queensland exempts GP wages outright, New South Wales rebates practices that bulk-bill at least 80% in metropolitan Sydney or 70% elsewhere, Victoria and South Australia exempt the bulk-billed share, the ACT exempts bulk-billed, DVA and workers-compensation services, Western Australia tests contractors on common-law principles, and Tasmania has no exemption. Yes, it changes the price: a mixed-billing practice in Sydney below the threshold pays tax on its contractor payments that the identical practice in Brisbane does not, and a lender sizes the loan on earnings after it. Revenue office guidance read September 2026; take advice from your accountant.
What changed for bulk-billing on 1 November 2025?
From 1 November 2025 in Australia, a general practice that bulk-bills every eligible service and registers with MyMedicare receives an additional 12.5% on every dollar of Medicare benefits paid over the quarter, split evenly between the practice and the doctor, under the Bulk Billing Practice Incentive Program, and bulk-billing incentive eligibility was extended to all Medicare cardholders. IBISWorld’s view is that the program may reverse the drift away from bulk-billing if it proves more financially beneficial than mixed billing, and that practices that moved to mixed billing are unlikely to revert otherwise. For a buyer it is a revenue line and, in the threshold states, a payroll tax lever.
How is a medical, dental or veterinary practice valued?
Health practices in Australia are valued on maintainable earnings after the principal’s own clinical work is paid for at market, at a multiple that rises with the number of practitioners, the strength of the agreements that keep them, and the transferability of the goodwill. IBISWorld does not publish practice sale multiples; its industry-level enterprise-value multiples run about 2 to 3 times EBITDA for general practice and dentistry, which are aggregates, not prices. Corporate consolidators pay more for multi-practitioner practices with associates on binding agreements, and lenders lend on the same test: 3.5 times adjusted EBITDA for medical centres and 3 times for dental and veterinary, or 70% of an external valuation. Treat any multiple as the start of a negotiation.
Do I need to be a doctor or dentist to buy a practice?
In Australia you do not need to be a clinician to own a medical or dental practice company, and many practices are owned by service entities that employ or contract the practitioners; the exceptions are pharmacies, which only a registered pharmacist may own, and veterinary practices in New South Wales, where a veterinarian must hold the controlling interest. What changes for a non-clinical buyer is the rebuild: the vendor’s own billings leave with the vendor unless a practitioner of equal billing is contracted to replace them, and a lender reads the practice on what the remaining clinicians earn. A clinician buying in is assessed on their own billing history as well as the practice’s.
Can I buy the premises with the practice?
In Australia a practitioner can buy the practice premises alongside the practice: the premises go to 80% of value where they are held as security, specialists and surgeons can borrow up to $1 million more and GPs up to $250,000 more against their own personal-exertion income, and strata medical suites are funded to 80% by a non-bank desk with no annual review in most cases and up to five years interest-only. The premises are usually held in a separate entity or a self-managed super fund, and a lease between your entities then sits behind both loans. Whether that structure suits you belongs with your accountant; we place the two facilities with desks whose policies fit it. Checked September 2026.
What documents do lenders want for a practice purchase?
For a practice purchase in Australia, lenders want three years of financials and tax returns with add-backs itemised, billing reports by practitioner and item, every contractor and associate agreement, the lease or title, accreditation and registrations, any Medicare or revenue-office correspondence, and the equipment register; and from you, your registration, two years of billing history, a statement of position, the capital contribution and its source and, for a buy-in, the practice agreement on offer. That is the pack the assessor reads, and it is what our 24-hour answer is built on.
Are corporate groups taking over health practices in Australia?
In Australia the corporates are buying but not yet dominant: no dental group holds 5% of revenue, though private equity owns Pacific Smiles, National Dental Care, Maven and 1300 Smiles and Bupa runs 145 clinics; the four largest veterinary groups hold just over a fifth of revenue after EQT’s $1.4 billion VetPartners purchase; general practice is more than 60% sole proprietorships with the largest operator at 1.8%; and optometry is the exception, with one chain at 33.9%. For a buyer the consolidators set the price of multi-practitioner practices and are also the exit; for a lender they are competition for the same goodwill, which is why the agreements that keep clinicians matter more than the brand. Source: IBISWorld, 2026 editions.
30 minutes with Priyank, at no cost. We review your position and discuss how we will approach funding your deal. No lender sees anything until you say so.
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