Veterinary practices are among the hottest acquisition targets in the lower middle market. Corporate consolidators (Banfield, VCA, NVA, and dozens of regional platforms) have been aggressively acquiring Illinois vet practices, driving multiples to 8x–12x EBITDA for corporate sales, while individual or associateship buyers typically pay 5x–8x EBITDA.
Corporate vs. Individual Buyers
Selling to a consolidator often maximizes price but comes with employment agreements and cultural changes. Selling to an associate buyer or incoming veterinarian preserves practice culture but typically means a lower headline price and may involve seller financing. Many Illinois practice owners choose to sell to an associate first, with partial rollover equity into a larger platform later.
What Drives Value
Active patient count, revenue per patient, ancillary service revenue (boarding, grooming, dental), specialist availability, and facility lease terms all factor into valuation. A practice with modern diagnostic equipment — digital X-ray, ultrasound, in-house lab — commands a measurable premium.
If you own an Illinois veterinary practice, there is likely acquisition interest from both strategic and financial buyers. A formal valuation will help you understand your options before making any decisions.