Sixty-four-location PE-backed roll-up under active management; acquisition integration, CAC dispersion, and per-site client flow on a standing operating cadence.

Specimen view. This client's compiled numbers stay sealed — by policy, not by mood. The structure below is exact. Where the engagement's data would appear, we show the industry reference range instead, each figure cited to its source. Qualified applicants walk the sealed file — data, never names — during diligence week.

NATURE OF THE ENGAGEMENT

A roll-up presents with a condition independent practices never develop: every acquisition brings a new market, a legacy brand, and a client base watching for a reason to leave. Intake at this scale is a dispersion study — new-client flow, acquisition cost, and schedule integrity vary wildly across 64 sites, and the sites acquired last quarter behave nothing like the sites acquired three years ago. The industry backdrop is a headwind everywhere: the 2025 iVET360 benchmark recorded new client acquisition down 9.5% across 1,500+ practices, with visit volume falling for a third straight year.

What gets operated on: a single acquisition engine deployed across the platform — paid media consolidated against the $84 median veterinary cost-per-acquisition instead of 64 separate ad accounts, call conversion instrumented at every front desk against the 5.8% paid-search conversion median, and no-show control pushed into the 9–11% band that unmanaged schedules occupy. Brand-transition sites get retention protocols before they get growth spend; a client saved through a rebrand is cheaper than any client bought.

What gets measured is what the sponsor's next mark depends on. Veterinary EBITDA multiples step up with earnings scale — 8.6× in the $1–5M band versus 11.3× at $5–10M per Q1 2025 data — so same-site client growth is tracked not as a marketing stat but as a multiple lever. This record remains open on a quarterly operating cadence. Figures on this chart are cited industry reference ranges holding the places where compiled engagement data sits; client records are sealed by policy.

VITALS — INDUSTRY BASELINE vs ADMEN TARGET

MEASURE	INDUSTRY	TARGET	Δ
New clients (YoY change, industry)	−9.5% YoY	+99.1% YoY	+108.6 pts
Client acquisition cost (paid search CPA)	$84.00	$35.28	−58%
Paid-search conversion rate	5.8%	20.0%	+245%
Appointment no-show rate	9–11%	3–3.5%	−68%
EBITDA multiple band (general practice)	8.6× ($1–5M EBITDA)	11.3× ($5–10M EBITDA band)	+31%

Targets apply Admen's published structural-lift factors to the cited industry baselines. They are planning references, not promises — the examination sets the real numbers.

SOURCES — REFERENCE RANGES

1. Today's Veterinary Business — iVET360 2025 Benchmark Report — New client acquisition fell 9.5%; visits declined 4%; revenue growth slowed to 1.3% (2024 data)
2. Benchmarketing — Veterinary Specialist Marketing Benchmarks — Google Ads CPA $84.00; conversion rate 5.8%; medians Q1 2023–Q4 2024
3. Medigy — veterinary no-show reminder strategies — Veterinary no-show band 9–11% without structured reminders
4. First Page Sage — Veterinary Practice EBITDA & Valuation Multiples (Q1 2025) — General practice 8.6× at $1–5M EBITDA; 11.3× at $5–10M

FILED BY

Admen '26

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