Pan-European consolidators
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M&A activity has been active, with deal flow driven by a range of factors
Veterinary practices were significantly impacted by lockdown measures, as routine appointments were banned. Only vets and nurses working with farm animals were classified as key workers. A fall in revenue across the industry discouraged investment, slowing the pace of acquisitions and consolidation in the short term. However, COVID-19 reversed this trend within the European veterinary sector, as revenues increased following the previously highlighted trends.
M&A activity has been active, with deal flow driven by a range of factors. This includes strategic deal making by large corporates, more niche acquisitions, alongside financial sponsors from private equity looking to buy into the sector. In the UK, consolidation has been a trend within the veterinary sector, following change in the laws around veterinary ownership in 1999.
Notable European deals:
- Across 2022, European veterinary consolidator, Independent Vetcare, a portfolio company of EQT AB, made several acquisitions, with the terms of the deals undisclosed. This includes:
- In August, Wevet LDA, Portugal-based provider of veterinary services.
- In July, Bekenland Veterinary Center, Netherlands-based veterinary clinic, and Clinica Canis, Spain-based clinic and healthcare centre for pets (primarily cats).
- In June, Maher Doona Spillane Unlimited, Ireland-based provider of veterinary services, Clinica Veterinaria Utebo, Spain-based animal hospital, Clinica Veterinaria San Anton Vigo, and Fenix Hospital Veterinario, Spain-based providers of veterinary services, plus De Band Dierenkliniek and Dierenkliniek Buitenvelder, Netherlands-based veterinary clinics.
- In May, Stockholms Djurklinik, Sweden- based provider of veterinary services.
- In April, Hospital Veterinario Ciudad Real, Spain-based animal hospital.
- In March, Dierenartsen centrumt Derde Oor, Belgium-based company offering veterinary services, Consorci Veterinari SL, Spain-based animal hospital, Dyrenes Venn, Norway- based veterinary services company, and Tierklinik Kalbach, Germany- based animal hospital.
- In February, Clinica Veterinaria Cruz De Piedra, Spain-based veterinarian, Clinique Veterinaire Du Vernet, France-based veterinary clinic, and Vetminds Invest OU, Estonia-based operator of veterinary clinics.
- In January, Clinica Mediterraneo, Spain-based veterinary clinic, plus Clinique Veterinaire M’vet, Pole Sante Chanturgue Clinique Veterinaire, and Clinique Veterinaire Du Saint-Quentin, France-based veterinary clinics.
- In November 2021, Bluvet, Italy-based operator of veterinary clinics and hospitals, was acquired by PE firms Neuberger Berman AIFM, NB Aurora S.A. SICAF-RAIF and F&P4BIZ, for £7m.
