TSG Consumer Partners LLC bought a majority interest in Pathway Vet Alliance LLC from investment funds managed by Morgan Stanley Capital Partners.
Pathway's management will keep a significant minority stake in the veterinary clinic chain and will continue to lead it.
Ropes & Gray LLP was legal adviser to TSG, with BofA Securities Inc., Guggenheim Securities LLC and William Blair & Co. acting as co-financial advisers.
Debevoise & Plimpton LLP acted as legal adviser, and Harris Williams acted as financial adviser to Pathway and Morgan Stanley.
Jefferies LLC and Jamieson Corporate Finance advised the management shareholders.