Mainebiz Special Editions

W W W. M A I N E B I Z . B I Z 67 Fact Book / Doing Business in Maine I N N OVAT I O N / R & D For more than 150 years, Machias Savings Bank has been moving Mainers and their businesses forward with the banking solutions they need to find their "yes!" And that's only the beginning. That's because we don't simply say "yes!" to basic banking. We say "yes!" to more choices and deliver above and beyond customer service, too. And most importantly, we're here to say "yes!" to your hopes, goals, and dreams. So let us help you find your "yes!" We'll be sure to ask "And how else can we help you?" The Bank of "Yes!" (and so much more) MACHIASSAVINGS.BANK Member FDIC | Equal Housing Lender | NMLS 469539 In contrast, CEO Espinal says, Rarebreed is "applying elements of technology, technical engineering, operational engineering and financial engineering to a business model that's historically underserved many of the people who work in it — and, frankly, clients as well." With $40 million from two funding rounds in 2019 and then several follow-on rounds, Rarebreed now runs more than 100 practices and hospitals, from Maine to Florida. Espinal says the goal is to go national, with as many as 500 locations. Private equity firms themselves are also buying veterinary providers. Recognizing the potential economies of scale, PE investors spent $45 billion on vet practices between 2017 and 2022, according to Pitchbook. But Miller, who is COO, believes Rarebreed is doing something — well, more rare. "We are trying to innovate on the model that preceded us, which was largely 'acquire as much as you can, as fast as you can.' ere wasn't much connection to the company, or another practice down the street," he says. "Our role, first and foremost, is really about building a community." Fast mover While the goal of the company isn't simply to grow fast, it's doing so. Rarebreed last year ranked No. 35 on the Inc. 5000 list of the country's most rapidly growing private companies. Revenue, according to Inc., skyrock- eted 10,293% from 2020 through 2022. e actual amounts aren't disclosed, but the growth percentage outdistanced any for the other 13 Maine companies on the list. And Rarebreed's debut rank among the fast 5,000 was the highest for a Maine business since 2017. Innovation has been a key driver of growth. For example, borrowing another playbook from human health, Rarebreed has launched an urgent-care spin-off called PetMedic. e business now has almost a dozen locations in New England — including clinics in Freeport and Portland — and more are planned down the East Coast. Rarebreed has also come up with an innovative way to deploy informa- tion across all the clinics, practices and hospitals that make up its network. A patent is now pending for its Corporate Veterinary Operating System, which Rarebreed describes as "a one-of-a-kind data integration, map- ping and business intelligence capability" that connects the Rarebreed locations. At the same time, Rarebreed is trying to strengthen connections with employees. In addition to great pay and ben- efits, the company says, it's created incentive-based compensation, as well as plenty of advancement opportuni- ties, continuing education and a men- torship program. e goal is to build stronger employee engagement, to build up the "ecosystem" of care providers in its network, and ultimately to build the Rarebreed brand. "We want to be that place where, when people graduate from vet school, they think of first," says Espinal. "And then, when they have a pet they think, wow, I want to be part of this medical system for pets because I'm going to get the best care possible." Wil l iam Hal l, Mainebiz Managing E d i t o r / D i g i t a l O p e r a t i o n s , c a n b e r e a c h e d a t w h a l l @ m a i n e b i z . b i z P H O T O / C O U R T E S Y O F R A R E B R E E D Rarebreed treats dogs, cats and other veterinary patients at more than 100 practices along the East Coast.

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