Liberty Mutual Investments (“LMI”), the investment firm for Liberty Mutual Group (“Liberty”), today announced that it provided growth capital in the form of debt financing to Synergy Pet Group (“SPG”) to support the company’s continued pet services and technology expansion. SPG is backed by LoneTree Capital, which made a growth investment in the company in 2023.

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Synergy Pet Group offers a range of pet services and technology solutions for pet owners, employers, brokers, and veterinary practices. Through its Wishbone family of brands, (Total Pet, Insurance and Wellness), the company provides pet-related employee benefits, pet insurance programs, and other services designed to make pet care more accessible and affordable. Building on its established business, SPG has expanded into veterinary technology through Shepherd Veterinary Solutions, a fast-growing subscription-based practice management system that helps veterinary practices streamline operations and manage their businesses more efficiently. Together, these offerings position SPG to address evolving needs across the pet care ecosystem while supporting its broader growth strategy.

“This financing gives us the flexibility to invest in our businesses while staying focused on execution,” said Charles Nebenzahl, CEO of Synergy Pet Group. “We appreciate LMI’s continued support as we expand our pet benefits offerings and build software that helps veterinary teams run their practices.”

“Synergy Pet Group has built an exceptional platform at the center of the growing pet care economy, combining its market-leading pet benefits business with an innovative veterinary technology offering in Shepherd,” said Alex Kayvanfar, Head of Capital Solutions at Liberty Mutual Investments. “With its strong value proposition for pet owners and deep relationships across a national network of veterinary practices, SPG is well positioned for continued growth. We look forward to deepening our partnership with Charles and his team, as well as LoneTree, to support the company’s next phase of expansion.”

LMI, which initially invested in SPG in 2023 alongside LoneTree, partners with great companies to build enduring businesses that drive economic growth. The firm invests approximately $130 billion of long-term capital on behalf of Liberty through its integrated investment platform with the flexibility to invest across the capital structure. LMI’s Capital Solutions team provides bespoke financing solutions tailored to companies’ unique needs and strategic priorities.

About Synergy Pet Group

Synergy Pet Group operates pet benefits and veterinary technology businesses serving pet owners, employers, brokers, and veterinary practices. Its benefits programs help make pet care more accessible and affordable, while its veterinary software helps practices streamline operations and manage their businesses.

About Liberty Mutual Investments

Liberty Mutual Investments (LMI) is the investment firm for Liberty Mutual Group (Liberty), a global insurance and capital solutions partner. With deep expertise in liquid, credit, and alternative strategies, LMI invests approximately $130B of capital globally, taking a long-term approach across its integrated platform. LMI has a clear purpose: build enduring businesses side-by-side with its partners, drive economic growth, and generate superior risk-adjusted returns that power Liberty’s strategy and secure its promises.

Liberty Mutual Group Asset Management Inc. does business under the name Liberty Mutual Investments. For more information, visit https://www.libertymutualinvestments.com/.

Important Information and Disclosures

This press release is provided for informational purposes only and does not constitute investment advice or an offer to sell, or a solicitation of an offer to buy, any securities or interests in any investment fund or vehicle. Liberty Mutual Group Asset Management Inc. (d/b/a Liberty Mutual Investments) provides investment advisory and management services only to insurance companies and wholly owned direct or indirect subsidiaries of Liberty. This press release may contain forward-looking statements that are as of the date of this press release; actual results may differ materially, and Liberty undertakes no obligation to update such statements. Additional information is available at www.libertymutualgroup.com/investors.

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