Withmal, a growing veterinary services group in Japan, has received a strategic investment from L Catterton, a leading global consumer-focused investment firm.
The investment will enable Withmal to accelerate its expansion in Japan’s large and attractive veterinary services market, increasing the number and quality of touchpoints it has with pet parents.
The veterinary services market in Japan has been steadily growing and is very fragmented, presenting significant opportunities for Withmal to expand and enhance the standard of care pets receive.
With over 20 pet clinics across the country, Withmal is one of the largest veterinary services groups in Japan. Its founder and CEO, Tomoki Yamasaki, has a stellar reputation and extensive network in the industry, which has helped the company attract and assemble a strong team of vets.
Many of the nearly 13,000 pet clinics in Japan are small businesses owned by vets in their 50s or older with no succession plans.
For such vets, joining Withmal is a potential solution as the group can continue running their practices after they retire.
They can also leave ancillary operational and administrative tasks to Withmal and focus on treating pets, leveraging the group’s best-in-class equipment and facilities.
The investment from L Catterton is expected to help Withmal realize its vision of becoming a highly trusted veterinary services group that pet parents across the country can rely on for their pets’ healthcare needs.
L Catterton has significant experience building brands in the pet care space across the world, and its investment in Withmal is seen as a scalable enterprise in a robust category in Japan that also addresses a very real challenge faced by business owners in the country – the lack of successors.
The private equity industry in Japan has been growing in recent years, with domestic and international firms investing in various sectors.
However, the industry has faced challenges, including the country’s aging population and the lack of succession plans for many small businesses. Despite these challenges, private equity firms continue to invest in Japan, attracted by the country’s stable economy, highly skilled workforce, and strong corporate governance.
In summary, the investment from L Catterton in Withmal is expected to accelerate the growth of the veterinary services market in Japan, providing pet parents with high-quality care and vets with a potential solution to their succession planning challenges.
The private equity industry in Japan continues to grow, and Withmal’s success is a testament to the potential opportunities in the country for private equity firms.
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