Valuation multiples for Veterinary Healthcare (specifically Animal Hospitals)

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April 16, 2025

by a searcher from Northwestern University - Kellogg School of Management in Seattle, WA, USA

Looking to better understand valuation multiples for Veterinary Healthcare (specifically Animal Hospitals) in the U.S. lower middle market. Does anyone have experience with recent transactions or a good resource (reports, databases, or benchmarks) to get a sense of typical EBITDA multiple ranges in this space? Appreciate any guidance!
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Reply by a searcher
from Stanford University in North Carolina, USA
Thanks for the tag, ^redacted‌. I agree with ^redacted‌. 6-8 multiples on smaller practices; 8-12 for larger, multi-location, and/or specialty service practices. Really large multi-location groups can command even higher multiples. Hope that’s helpful!
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Reply by a professional
from INSEAD in Toronto, ON, Canada
We've done a few of these - multiples range between 6-11 depending on location, number of vets and whether there are specialty or emergency services.
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