L Catterton’s latest move into the Brazilian vet sector

L Catterton has made an undisclosed investment in WeVets, a veterinary hospital group based in Brazil. The private equity (PE) firm recognizes the investment as an “attractive opportunity for building a one-stop destination for high-quality pet care in the third largest pet market globally.”

The fresh investment is expected to fuel WeVets’ expansion plans through acquisitions and organic growth, positioning it as Brazil’s leading veterinary hospital platform.

“The Brazilian pet market remains highly fragmented, and we see ample opportunities to scale our model based on exceptional technology and service,” comments Rodrigo Pinheiro, CEO at WeVets.

The 2020-founded group is known for its 24-hour centers and provision of primary and urgent care, surgery, diagnostics and specialty care services. Currently, WeVets operates 15 hospitals and 2 labs in São Paulo and Rio Grande do Sul.

Latest investments

L Catterton has invested in different pet players in the last few years. In early 2024, it invested $40 million (€37.8M) into Denver-based Sploot Veterinary Care. The year before, it made an undisclosed investment in Withmal, Japan’s largest veterinary service provider, to drive market expansion.

The firm also injected $60 million (€56.7M) into Indian pet company Drools to scale its manufacturing capabilities and participated in a £280 million ($357.6M/€338.3M) fundraising round for UK-based fresh pet food company Butternut Box.

Before that, L Catterton supported Shanghai-based premium pet food company Enova, funded Los Angeles-based pet food startup Yummers and made a significant investment in Brazil-based online pet retail brand Petlove.