Summit Partners-backed National Veterinary Associates explores sale

• Deal could fetch $700 mln

• Jefferies acting as adviser

• Company has $60 mln of EBITDA

The Agoura Hills, California-based company, backed by private equity firm Summit Partners, is working with investment bank Jefferies on the potential sale, the people said.

The people all declined to be identified because the matter is private. Representatives for Summit declined to comment, while Jefferies did not immediately respond to requests for comment.

Founded in 1996 by Stanley Creighton, National Veterinary Associates owns 225 animal veterinary hospitals in 39 states, according to its website.

Boston-based Summit Partners first made an investment in the company in 2007 for $128 million. The company now has EBITDA of roughly $60 million, and could be sold for roughly 10 to 11 times that amount, people familiar with the matter said.

The company’s largest rival is publicly traded VCA Antech Inc. On the back of positive industry trends like increasing pet ownership, shares of VCA Antech have soared 41 percent in the last 12 months, compared to a gain of about 20 percent in the Standard & Poor’s 500 Index.

Soyoung Kim and Olivia Oran are reporters for Reuters News in New York