Covetrus AVImark
“Can a vertically integrated veterinary distribution + software company become the operating (and financial) system for every independent vet practice?”
Founded2019
HQPortland, Maine, United States
Latest roundAcquired by CD&R and TPG (2022) at ~$4B enterprise value
Valuation~$4B enterprise value (2022 take-private)
IndustryVertical SaaS / Veterinary
The story
Covetrus was formed in 2019 by combining Henry Schein Animal Health (distribution) with Vets First Choice (online pharmacy/tech), creating a vertically integrated animal-health platform. After a rough public-market run, CD&R and TPG took it private in 2022 at ~$4B. Since going private, Covetrus has doubled down on its 'practice improvement' software layer — PIMS products like Avimark, Impromed and Pulse — bolting on embedded payments (Stripe, Worldpay), embedded lending (CareCredit) and vRxPro marketplace merchant-of-record economics as its embedded-finance monetization strategy.
Last 12 months
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Product timeline
2019
Covetrus launched as public company via merger of Henry Schein Animal Health and Vets First Choice (NASDAQ: CVET).· ipo
2022
Taken private by Clayton, Dubilier & Rice and TPG at ~$4B enterprise value.· acquisition
2023
Continued build-out of Covetrus Platform including Avimark, Impromed, Pulse PIMS and integrated Payments/vRxPro.· banking
2025
Avimark 25.20 release adds CareCredit integration for practice financing at checkout.· lending
Same company
Covetrus AVImark was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
The stack
3 layers disclosed in Covetrus AVImark’s embedded-finance stack
Lending
in the full report
Accounting
in the full report
Accounting gap: significant
3 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.