Notable M&A activity
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Notable UK deals:
- CVS Group, UK-based integrated veterinary services provider, made several acquisitions, including:
- OCVC, UK-based veterinary service provider, trading as Old Courts Veterinary Centre, in July 2022, for £3m.
- Anton Vets, UK-based veterinary service provider, in May 2022, for £6m.
- Quality Pet Care, UK-based companion animal veterinary clinics operator, in August 2021, for £20m.
- Veterinary Clinic, UK-based pet healthcare services provider, and Animal Health Centre, UK-based animal healthcare facilities company, in February 2021.
- Astonlee, UK-based operator of veterinary hospitals, and White Lodge Veterinary Centre, UK-based operator of veterinary clinics and animal hospitals, in November 2020.
- In July 2022, The Pet Vet, UK-based veterinary service provider, acquired Quality Pet Care, UK-based companion animal veterinary clinics operator, for £9m.
- In September 2021, CVC and August Equity co-invested and acquired a majority and minority stake respectively in Medivet, UK-based veterinary clinics network, for £1bn.
- In May 2021, Independent Vetcare, UK-based veterinary practice provider, was acquired by Mubadala Investment Company PJSC, UAE-based PE and venture capital firm, for £350m.
- In February 2021, Independent Vetcare, UK-based provider of veterinary healthcare services, was acquired by Nestle Purina PetCare Company, EQT Partners AB and Silver Lake Partners, for £3.1bn.
- In December 2020, Linnaeus Group, UK-based veterinary service provider, acquired Pets at Home’s five specialist referral practices, including Dick White Referrals, Anderson Moores, Northwest Veterinary Specialists, Eye Vet and Veterinary Specialists Scotland, for £100m.
Notable international deals:
- In September 2022, VetCor and Harvest Partners LLC acquired People Pets and Vets, a US-based operator of local veterinary clinics, for £957m.
- In August 2022, TriplePoint Capital and White Star Capital acquired Petfolk, US-based general veterinary practice provider, for £34m.
- Also in August 2022, Modern Animal, US-based veterinary clinic, was acquired by Upfront Ventures Management, Founders Fund, True Venture Management, D1 Capital Partners and Addition Ventures, for £62m.
- In June 2022, Eurazeo, PE and investment management firm, acquired a majority stake in SEVETYS, France- based veterinary services company. Terms of the deal were undisclosed.
- In April 2022, AniCura, Sweden-based operator of animal hospitals and clinics, acquired Vetsum, Spain-based owner of veterinary care hospitals, for £87m.
- In February 2022, AmeriVet Partners Management, US-based operator of veterinary clinics, was acquired by AEA Investors, US-based PE firm, and Abu Dhabi Investment Authority, sovereign wealth fund of The Emirate of Abu Dhabi, for £1.2bn.
- In December 2021, AlDigi Holdings acquired Asia Vets Holdings, Singapore- based veterinary care and clinical service provider, for £103m.
- In October 2021, Bond Veterinary, US- based operator of veterinary clinics, was acquired by Warburg Pincus, US-based PE firm, for £112m.
- In December 2020, Modern Animal, US-based veterinary clinic, was acquired by Upfront Ventures Management, Founders Fund, True Venture Management and Addition Ventures LLC, for £55m.
- In February 2020, Destination Pet, US- based total pet health care provider, acquired Assets of Veterinary Care, for £36m.
- In December 2019, SCHF VEG, US-based veterinary hospitals owner, operating as Veterinary Emergency Group, was acquired by Fidelity Management & Research Company, D1 Capital Partners and Durable Capital Partners, for £79m.
- In November 2022, the US alternative asset manager Ares Management acquired an undisclosed stake in Unavets Healthcare, a Spanish operator of veterinary clinics, with a reported valuation of £100m.
Private equity
More than half of veterinary practices in the UK are now owned by six companies, three of which are PE owned
The UK veterinary market has enjoyed large amounts of private equity investment in Europe, fostering large- scale buy-and-build strategies. More than half of veterinary practices in the UK are now owned by six companies, three of which are private equity owned. Big veterinary groups and private equity investors are making strategic acquisitions, with consolidation being a key theme in the mid-market, as smaller players build scale to compete more effectively. Since the ownership rules changed in 1999, when a law barring company ownership of practices was overturned, investors have been quick to cash-in on a booming industry. Spending on services reaching £4.5bn in 2019, up by 57% since 2015.14
Medivet, which is owned by CVC Capital and August Equity, has more than 350 practices in the UK and 50 practices in Europe. It aims to reach 800 practices across Europe in the next few years as consolidate in the market continues apace. IVC Evidensia already has 993 vet practices (just under 20%) and is co-owned by private equity firms EQT and Silver Lake.
