May 4, 2023
Synergy Pet Group, Inc. Secures Growth Investment from LoneTree Capital

Investment Supports Synergy's Strong Market Positioning and Compelling Future Growth Opportunities

Lakewood, NJ - Synergy Pet Group, Inc. (“Synergy"), a leading provider of innovative pet-related employee benefits, tech-enabled services, and veterinary software, today announced a minority growth investment from LoneTree Capital, LLC (“LoneTree”). The partnership with LoneTree highlights the strength, market positioning, and impressive growth potential of Synergy.

“Over the past two decades, Synergy Pet Group has been a pioneer in our markets,” said Charles Nebenzahl, CEO of Synergy. “In the highly competitive pet benefits and pet insurance market, we have differentiated ourselves with the largest veterinary network across North America. LoneTree’s investment validates the hard work our team has put in to establish Synergy in our space. "

“Synergy Pet Group has emerged as a leader in its markets through consistently working to understand each customers’ unique needs, and providing transformative solutions,” added Matt Koven, Managing Partner at LoneTree. “Synergy has an excellent team, an excellent company culture, and are dedicated to revolutionizing the pet care industry with solutions that improve the entire pet care ecosystem. We are looking forward to supporting Synergy in the next chapter of their growth and evolution.”

Mr. Nebenzahl added, “We chose LoneTree because of the firm’s sector expertise, flexible investment approach, and experience with helping companies accelerate their growth. They will be an invaluable ally as we roll out new offerings, build new business lines, and look for strategic add-ons to our current businesses.”

As part of the investment, Matt Koven will join Synergy Pet Group’s Board of Directors. Terms of the deal were not disclosed. Leading LoneTree’s growth investment in Synergy Pet Group were Matt Koven, Rhett Lambert, Jesse Zhou, Matt Canna, and Matt Tabakin. Brown Rudnick LLP provided legal counsel to Synergy. Goodwin Procter LLP represented LoneTree.

About Synergy Pet Group, Inc.

Synergy Pet Group is pushing the boundaries of the pet care industry to create an ecosystem that cultivates relationships between veterinarians, pets and their families. Its brands encourage better pet care at affordable prices, improved veterinary practice experiences and profitability, and attractive pet-related employee benefits for companies that care about the 4-legged members of their employees’ families.

About LoneTree Capital

LoneTree Capital is a growth-focused investment firm, partnering with exceptional companies to support their continued expansion and development. With a hands-on approach and strong industry expertise, LoneTree Capital helps businesses achieve their full potential through strategic investments and guidance.