TSG Consumer Partners announced that it has acquired a majority stake in Pathway Vet Alliance. The consumer-focused PE shop purchased the assets from Morgan Stanley Capital Partners funds. The current management at Pathway will remain in place as part of the deal, according to a press release.

Pathway will be the 19th company in the PE shop’s portfolio.

TSG Consumer Partners Breakdown

Founded in 2003, Pathway is a leading owner and operator of over 270 general practice, specialty, and emergency veterinary hospitals throughout the U.S.

Pathway also operates 86 veterinary clinics under the THRIVE brand. The brand provides affordable and convenient care to underserved pet families. In addition, Pathway owns and operates Veterinary Growth Partners, a Management Services Organization providing value-added business planning, coaching, and procurement savings to 5,500 affiliated and unaffiliated member hospitals.

TSG invests around the globe. It manages $9 billion in assets.

The firm describes themselves as long term investors that hat it often takes time and capital to build best-in-class brands. I tis usually involved in companies in which they invest for at least five years.

TSG Partners are hands-on owners that have experience building brands in consumer-focused categories. They help the companies in their portfolio grow the business by assisting them to improve their digital reach, expand geographically, and expand their product portfolios. TSG was founded in 1987.

TPG’s current portfolio includes well know companies like Chloraseptic, Comet, Pabst Blue Ribbon Beer, Compound W, Planet Fitness, and Duckhorn Vineyards. The firm currently owns one other pet-related business. Dogswell is a maker of dog food and treats.

Related: Private Equity: Count Vanguard in as a Competitor in the Space