A Portland startup has been ranked #1 on the prestigious list of fast-growing companies compiled by Inc. magazine, the country’s most widely read business publication.
Rarebreed Veterinary Partners topped Inc.’s ranking of the fastest growing Northeast private companies from 2019 to 2021, with the company’s revenue increasing 4,691% during that time.
Founded in 2018, Rarebreed invests in veterinary clinics and hospitals, providing technology, staff, operational support and other assistance. The company works with over 100 animal health care sites in 11 states, including 20 from Arundel to Halton, Maine.
Scott & Jon’s, a frozen food maker that specializes in shrimp dishes, was the only Maine business on this year’s list, announced last week. The Auburn-based company ranked 102nd after achieving his 160% revenue growth in two years.
Inc. Regionals is derived from the Inc. 500 and Inc. 5000 lists, which have ranked high-growth companies annually since 1982. Pandora and Zappos.com.
The 2023 Northeast Regional List includes 169 companies from Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont. Companies in large business hubs dominate the list. Five of the top 10 fastest growing companies are in New York City. Among them is the second-largest business on the list, the software company Dante Genomics, whose revenue he increased by 3,873%.
The minimum revenue required to make this year’s Inc. region list was $100,000 in 2019 and $1 million in 2021. Companies on the list were required to provide verified earnings figures and other financial information, but neither the magazine nor the Maine company disclosed the details.
Rarebreed spokeswoman Sarah Mills said in an email to the Press Herald: “So many people have contributed to our success and helped us live our values of love, respect and fun every day. And thank you to the team for providing special care to our community pets.”
Brothers Scott & Jon’s Scott Demers and Jon Demers said of their company’s ranking: “
The median growth rate for companies in Inc.’s Northeast region list (the percentage of companies reporting high growth and the other half reporting low growth) was 208%. This level was the highest of his seven regional rankings by his Inc., which combined his 1,125 companies nationwide.
in good company
Rarebreed is part of a growing cluster of animal health businesses in Southern Maine.
The company was founded by Dan Espinal and Sean Miller, two former employees of Westbrook-based Idexx Laboratories, and local investor Matt Campbell. The startup was boosted in 2019 when he raised $40 million in two rounds of private equity financing.
CEO Espinal described his company’s business as follows:
In 2020, Rarebreed purchased majority ownership of Maine Veterinary Medical Center, a veterinary hospital employing 150 veterinary professionals in Scarborough.
Last year, Rarebreed acquired Vet’s Best Friend, a Massachusetts-based veterinary practice group, adding 47 sites to the 71 Rarebreed operated at the time. Rarebreed said the combined company is one of the largest practice groups in the United States and is now his private equity firm in Denver, backed by Revelstoke Capital Partners.
Espinal and Miller’s former employer, Idexx, is considered one of the leaders in the global animal health industry. Founded in 1983 by David Evans Shaw, his Idexx provides diagnostic tests and other products for the animal health market, including pets, livestock and poultry.
Shaw and son Benjamin Shaw later founded Vets First Choice. Vets First Choice is a veterinary technology company that merged with its New York operations in 2019 to become Covetrus Inc. Other businesses working in animal health in Portland include his ImmuCell Corp., a biotech company, and his ElleVet Sciences. Launched in 2017, it develops cannabis-based therapeutic products for pets.