Blue River PetCare, a large veterinary practice and pet hospital group, recently launched its sale process, according to three sources familiar with the situation.

Chicago-based Blue River, a portfolio company of Partners Group, collected bids last month with many financial sponsors expressing interest, said two of the sources. Bids for the platform clocked in around the 15x-16x EBITDA range, said two of the sources. However, the veterinary practice group is targeting a valuation of 17 to 19x EBITDA, similar to the valuation of Southern Veterinary Partners pending a merger with Mission Veterinary Partners, said one of the sources. But the third source said fetching a high teens multiple would be difficult.

Blue River appointed Leerink Partners to explore a sale, as reported earlier this year by this news service.

The veterinary hospital group generates around USD 100m in adjusted EBITDA, as previously reported.

Blue River is led by CEO and co-founder Dan Blumenthal, who started the veterinary group in 2009, according to its website. In 2019, Swiss-based Partners Group invested an undisclosed amount in Blue River to fuel organic and acquisition growth, according to a press release. The founders remain “sizable equity stake owners,” noted the same release.

Blue River offers care for pets through its veterinary hospitals in 39 states, according to the company’s website.

Platform deals in the animal and veterinary healthcare market have cooled somewhat this year but as interest rates ease, transactions are expected to see an uptick in the coming months, said one of the sources.

Partners Group and Leerink Partners declined to comment. Blue River Petcare did not respond to requests for comment.