[hyeonwho4]

The model of PE in dentistry / veterinary clinics is to buy out all the private clinics in a region, then gradually raise prices. Small businesses would pop up, but the training horizon for new dentists / vets is quite long.

It isn't really about economies of scale so much as using local monopolies to set prices. They have a good moat because regulatory bodies have not regulated monopolies for 30 years, and professional organizations limit entry to each field.

[ethbr1]

Curious discovery on my part that VCA Animal Hospitals is now owned by Mars Inc (as in, chocolate bars), technically not PE as it's a private family-owned company.

[bald]

Mars is one of the biggest manufacturers of pet food in the world

[rqtwteye]

"then gradually raise prices"

It's not exactly gradually. I would call it "aggressively". At least for vets.