Revelstoke Capital Partners

Revelstoke Capital Partners Raises Single-Asset Fund Dedicated to Veterinary Health


DENVER –July 14, 2022 – Revelstoke Capital Partners (together with its affiliates “Revelstoke”), a private equity firm focused on investing in healthcare services companies, announced today that it has completed fundraising for Revelstoke EPIC Fund III (“EPIC III” or the “Fund”) to support the growth of Rarebreed Veterinary Partners (“Rarebreed”), which Revelstoke recapitalized in December 2021. EPIC III, with $376 million of commitments, was substantially oversubscribed and is the third single-asset vehicle in Revelstoke’s EPIC Fund series, which collectively totals over $1 billion in commitments. Since the firm’s inception in 2013, Revelstoke has raised over $3.9 billion in equity commitments and has invested in 25 platform companies and 132 add-on acquisitions.

Concurrently with the closing of EPIC III, Rarebreed completed the acquisition of Revelstoke portfolio company Vet’s Best Friend, establishing Rarebreed as a leading veterinary services platform in the northeastern United States. Upon the combination with Vet’s Best Friend, Rarebreed now operates 118 hospitals in 11 states providing services spanning the full continuum of veterinary care, including general practice, urgent care, emergency and specialty. With Revelstoke’s investment, Rarebreed is well-capitalized to pursue future growth through acquisitions, the opening of new locations and same store sales, all with a focus on increasing access to quality veterinary care.

“We appreciate the significant support from a global limited partner investor base in Revelstoke’s EPIC Fund series. We are enthusiastic about Rarebreed’s growth prospects and goal of becoming the leading veterinary services platform in the United States,” said Simon Bachleda, Co-Founder and Managing Partner of Revelstoke.

Anthony Hayes, Partner of Revelstoke, added, “We are excited to continue to support Rarebreed’s mission to reimagine the way veterinary medicine is delivered through exceptional patient care, outstanding client service and a continued focus on providing a differentiated employee experience to our veterinarian partners.”

“Rarebreed has achieved significant growth over the years and we are excited about our plans as a diversified and technologically-differentiated veterinary services platform of scale,” said Dan Espinal, Chief Executive Officer of Rarebreed. “Capital from this new investment will be used to support our goal of accelerating our rapid growth through further acquisitions and the opening of new locations, as well as the addition of ancillary service lines, to best serve our communities by delivering veterinary care to more patients.”

Houlihan Lokey Capital, Inc. and SVB Securities acted as financial advisors and Simpson Thacher & Bartlett LLP, Winston & Strawn LLP and McGuireWoods LLP provided legal counsel as part of the transaction.

About Revelstoke

Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare services and healthcare technology sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy as it strives to build exceptional companies. Revelstoke is based in Denver, Colorado and has approximately $4.8 billion of assets under management. Since the firm’s inception in 2013, Revelstoke has completed 157 acquisitions, which includes 25 platform companies and 132 add-on acquisitions. For more information, visit

About Rarebreed

Rarebreed is a technology-enabled operator of veterinary practices with the mission to become the employer of choice in veterinary care, one partnership and one team member at a time. Rarebreed prides itself on building trusted, lasting relationships with our partner hospitals, with goals to provide top-notch patient care, world-class client service, and an unparalleled work experience. Rarebreed continues to build a broad network of practices that values healthcare teams by offering them the tools necessary to grow, improve, and reimagine the veterinary experience. For more information, visit