Investment management firm Ares Management Corp. has agreed to sell National Veterinary Associates, one of the world’s largest veterinary and pet care services organizations, to JAB Investors, which has investments ranging from Panera Bread to Coty beauty products.

The companies didn’t disclose financial terms of the deal.

NVA’s senior management team, including Chief Executive Greg Hartmann, will maintain a significant minority ownership and will continue to lead the business. 

JAB Holding is the largest shareholder in beauty products maker Coty Inc. and luxury goods company Bally. In addition, the company and JAB Consumer Fund have controlling stakes in Keurig Dr Pepper, Panera Bread, Pret A Manger, Peet's Coffee & Tea, Caribou Coffee Co., Einstein Noah Restaurant Group and Krispy Kreme Doughnuts. 

The companies also have a stake in Compassion First, a group of specialty, emergency and general practice veterinary hospitals across the United States.

Founded more than 22 years ago, NVA provides veterinary services in more than 670 veterinary hospitals and 70 pet resorts in 43 U.S. states, as well as in Canada, Australia and New Zealand. It has about 14,000 employees and 2,600 veterinarians. 

“We are grateful for the opportunity to have partnered with NVA’s outstanding management team,” Bennett Rosenthal, co-founder, partner and co-head of the Ares’ Private Equity Group. “We are proud to have supported the company during its significant growth over the past five years as it extended its reach outside the U.S., accelerated its acquisitions, invested in new pet segments such as pet resorts, and became the largest independent veterinary platform globally.”

Hartmann said with the support of Ares and OMERS, the company has entered into new pet care lines, including boarding and daycare, specialty and ER animal care, aftercare, equine, and expanded into several new countries.

“Moving forward, we feel JAB Investors will be a great partner for us as we focus on our next phase of growth,” Hartmann said. “They are strong supporters of our mission of providing progressive and compassionate care. They share our belief that the best veterinary care is created by supporting and empowering our animal care teams in their local communities. As an organization, we strive to be a positive reflection of the profession we serve, and JAB Investors recognizes and joins us in that commitment.”