Rolling Stone: ‘Life and Death’ for Pets: Elizabeth Warren Targets Firm Buying Veterinary Offices

Americans welcomed more pets into their homes throughout the Covid-19 pandemic. At the same time, pet medical costs surged. Fortune recently highlighted one reason why: Private equity firms have rapidly acquired veterinary practices, and now own nearly 30 percent of the marketplace.  

The magazine's investigation focused on a Houston-area veterinary hospital owned by JAB Holding Company, a German-owned private equity firm best known for its investments in bakery chains and beverage companies. In recent years, JAB has scooped up so many specialty and emergency veterinary hospitals that the Federal Trade Commission has already twice ordered the firm to divest its clinics in certain areas. The firm is also buying up pet insurance companies.

Now, progressive Sen. Elizabeth Warren (D-Mass.) is seeking to apply pressure on JAB. On Tuesday, Warren and Sen. Richard Blumenthal (D-Conn.) sent a letter to the firm requesting extensive details about JAB's interests in veterinary practices and pet insurers. The letter was shared exclusively with Rolling Stone.

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Read the full story here.

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