Veterinary operations are not part of the transaction, and MPH, one of the nation's largest veterinary operators with more than 930 locations, will continue operating at each location as the long-term tenant under net leases.

The transaction marks the successful realization of Shore's inaugural real estate fund and demonstrates the firm's execution of an integrated real estate strategy within its broader buy-and-build investment model. Since launching the platform in 2021, Shore has deployed flexible real estate capital to support portfolio company growth while creating institutional-quality real estate investment opportunities.

Through sale-leaseback transactions, build-to-suit developments, acquisition financing, and other real estate solutions, Shore enables portfolio companies to unlock capital for growth initiatives while continuing to operate in mission-critical locations under long-term net leases. Through directly integrating solutions with MPH, as independent veterinary practices join the company, founders may have the option to monetize their real estate with MPH continuing as the long-term tenant.