A few years ago, it seemed like every headline in veterinary medicine was another independent practice being acquired. Lately, I’ve noticed something different. More of the notable transactions involve mergers, recapitalizations, or combinations of existing platforms than independent hospitals changing hands. As the owner of a large independent veterinary hospital, it’s been interesting to watch. Practices like mine have become increasingly uncommon, and it feels like the market has entered a new phase. The obvious question is why. Has the pool of attractive independent acquisition targets simply gotten smaller? Are PE firms reaching the point where scale and liquidity matter more than adding another practice? Or is this just the natural evolution of a maturing industry? Curious whether others are seeing the same shift in veterinary medicine or in other fragmented industries.