Blue River Advises CIMA Animal Health on Acquisition of Astaria Global

December 29, 2025 – Blue River Financial Group has advised CIMA Animal Health (“CIMA”), a premier national pet health supply company and portfolio company of Incline Equity Partners, on the recent acquisition of Astaria Global. The acquisition strengthens CIMA’s equine division by adding Astaria’s one-of-a-kind technology designed to profoundly improve the quality of life, performance, and long-term wellness of horses.

CIMA delivers industry-leading pet care knowledge with superior customer service to breeders, shelters, rescues, vets, groomers, and DIY pet owners. CIMA, with its robust eCommerce platform, supports 130,000+customers annually. Offering a wide range of pet vaccines, prescriptions, reproductive health aids, grooming products, supplements, and other supplies, CIMA’s dedication to animal well-being helps ensure pets stay happy and healthy.

Astaria Global is an equine-focused animal health company dedicated to inspiring animal science. With a singular focus on horses, Astaria creates breakthroughs with innovations in equine pain management and inflammatory airway disease technologies that enhance wellness, improve performance, and elevate the lives of equine athletes and their owners. The company’s proprietary equine orthobiologic platform for pain management and asthma have already made a measurable impact across veterinary and performance circles.

Bill Cramer, CEO of Astaria Global. “Joining forces with CIMA allows us to expand our reach, accelerate innovation, and continue delivering meaningful solutions to veterinarians, owners, and equine athletes around the world.”

Christopher Caron, Managing Director & Industrials Segment Leader at Blue River, stated, “Astaria brings truly differentiated science and innovation to the equine health market, and their technology aligns perfectly with CIMA’s commitment to delivering high-impact solutions for animal wellness. This combination meaningfully elevates CIMA’s equine capabilities and positions the platform for long-term leadership in a rapidly advancing segment of animal health.”

Incline Equity Partners is a leading private equity firm dedicated to investing across the middle market in services, value-added distribution and specialized light manufacturing companies. Incline is generally seeking growing companies with enterprise values of $25 – $750 million. Incline’s typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada.

About Blue River

Blue River Financial Group is a middle market merger and acquisition advisory firm. We assist corporations, private equity groups and individuals in the sale and acquisition of businesses and have completed assignments in multiple business segments. With over 20 years of experience spanning across 50 global industries, Blue River provides a suite of services to middle market clients including corporate development, private equity support, valuations, and transaction consulting, placing a premium on relationship-centered transaction counsel and client focus.

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