The “Great Compression” has entered its third year, says Ryan Leech, and this time, the spotlight isn’t on who’s buying but on who’s holding on. He shares trends, surprises, displacements and challenges perplexing investors and large hospital groups from 2025:
- A hangover from the acquisition era.
- Easy arbitrage is gone.
- Balance sheets are strained.
- Shake-ups are sending jolts through the industry.
- Increasing oversight by owners and regulators.
Source: Today’s Veterinary Business, December 1, 2025. Link.
The next wave of growth might not come from roll-ups but from the clinics that never rolled over.”
Image: Link.