Hi all — this will be the last Thursday Live Deal send of 2025 as we wrap up the year.
We’re taking Christmas day (next Thursday) and New Year’s Day (the following Thursday) off, but we’ll be back in January with more live deals as activity picks up again.
Before we dive in, check out my talk with Zach Morrison, CEO of Tinuiti (New Mountain backed).
We discussed what it actually takes to lead a PE-backed company—the growth expectations, and the intense accountability that comes with it—as well as Tinuiti's bread & butter: growth marketing.
1. Subscription-First Pet Supplements Brand
🔗 Access Deal Materials
Interested in learning more? Contact Josh at [email protected] to receive the full deal details.
📝 Deal Overview
Why this deal: A profitable, subscription-first direct-to-consumer pet supplement brand with high customer retention and meaningful clinical validation. With limited recent investment in scaled paid acquisition or channel expansion, this represents a compelling opportunity for a strategic buyer or experienced DTC operator to accelerate growth on a de-risked foundation.
TTM Revenue: ~$905,000
TTM Adjusted EBITDA: ~$420,000
Gross Margins: ~75–80%
Revenue Mix: ~95% recurring subscription revenue
Monthly Retention: ~96%
Deal Type: Full acquisition (open to limited equity rollover depending on buyer fit)
Headquarters: U.S.
🔎 What They Do
Company operates a direct-to-consumer, subscription-based pet supplement business focused on improving canine anxiety, behavior, and overall wellness through a daily supplement regimen.
The business currently offers one flagship product, which has sold 300,000+ units to-date.
Vet-formulated product using clinically studied, name-brand ingredients
Supported by a clinical trial led by an independent veterinary researcher affiliated with leading U.S. veterinary medical institutions
Efficient third-party fulfillment and a lean operating structure
💼 Recent Private Equity Deal Comps
Acquirer | Target | Date | Notes |
|---|---|---|---|
BC Partners | PetLab Co. | Feb 2025 | A large-scale, DTC-led pet supplements brand with strong subscription revenue and heavy digital marketing. |
Gryphon Investors | Vetnique Labs | Apr 2023 | A veterinarian-founded pet supplements platform (Glandex, Dermabliss) with clinical credibility and omni-channel distribution. |
Vestar Capital Partners | PetHonesty | Jul 2021 | A clean-label pet supplements brand with a DTC and subscription-driven model. |
2. Auto Dealership Document Management SaaS (Carve-Out)
🔗 Access Deal Materials
Interested in learning more? Contact AJ at [email protected] to receive the full deal details.
📝 Deal Overview
Why this deal: A mission-critical document management SaaS embedded in automotive dealerships, offered as a carve-out from a broader, multi-vertical parent company. The product benefits from high gross margins and low churn, but has seen minimal investment in sales and marketing. Good fit for a strategic as a tech bolt-on or a buyer with distribution capabilities in automotive space.
Dealership SaaS ARR: ~$350,000
Gross Margins: ~90%
Annualized Retention: ~95%
Deal Type: Carve-out from larger parent company
Headquarters: U.S.
🔎 What They Do
Company provides AI-driven Enterprise Content Management (ECM) software purpose-built for automotive dealerships, digitizing and organizing thousands of critical documents across:
Repair orders
Deal jackets
Warranties and service records
Parts invoices and back-office documentation
Core capabilities include:
AI-powered scanning, OCR, and automatic document classification
Advanced search (VIN, RO number, deal number, customer, keyword)
Role-based permissions and encrypted cloud storage
DMS-agnostic integration (no system rip-and-replace required)
Paperless workflows across sales, service, and accounting departments
💼 Recent Private Equity Deal Comps
Acquirer | Target | Date | Notes |
|---|---|---|---|
Advent International (growth equity) | Tekion | Oct 2023 | A cloud-native dealership management system disrupting legacy incumbents (CDK, Reynolds). |
Francisco Partners | CDK Global | Jun 2022 | $8.3B take-private of one of the largest dealership management software providers globally. Reinforces PE appetite for mission-critical workflow |
Vista Equity Partners | DealerSocket (merged with Auto/Mate) | 2021 | DealerSocket combined with Auto/Mate to build a scaled dealership software platform before its later sale to Solera |
Learn how PE firms actually do deals—from start to finish.
Road To Carry PE course walks you through the full PE deal process, not just modeling. Bite-sized videos & exercises & 40+ real-life files. For analysts, associates, or anyone interested in learning how PE firms do deals. Past alumni include associates from Carlyle, Apax, Charlesbank, and Gryphon. Click below for a free preview and 50% subscriber discount.
Brokers: got a deal you want to get in front of 6,000+ PE folks? Email me your deals at [email protected].
Brands: looking to reach a fast-growing, highly-engaged PE audience? Inquire about sponsorships.
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Disclaimer: Information presented herein is derived from publicly available sources and third-party materials believed to be reliable. It is provided solely for educational and informational purposes and does not constitute investment advice or a solicitation. Road To Carry is not affiliated with, nor does it represent, the seller, broker, or any other party to the referenced transactions.
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