Comment by duped

> If the PE firm is charging more than a vet operating alone would, then why wouldn't a vet operating alone just undercut the PE firm's veterinary practice?

It takes capital to start a business and people don't have that.

> There must be some barrier to entry in the market that prevents that

People retiring are selling their brick and mortars and the next generation don't have the personal wealth to buy them because they're saddled with medical/education/credit card debt and stuck with bad rent terms that caused low savings.

The only people around to buy the places are private equity.