VetPartners will likely be offered to a non-public fairness agency in a deal that would signify the UK veterinary sector’s greatest takeover.
In a press release launched yesterday (eight August), BC Companions has confirmed it has reached an settlement to accumulate a majority stake in VetPartners from Ares Administration and August Fairness.
Though monetary phrases of the transaction are usually not disclosed, it’s believed to be value within the area of £700 million, and sees Ares reinvest within the enterprise alongside BC Companions and the VetPartners administration crew.
VetPartners was based in 2015 and is likely one of the UK’s main operators of small animal, blended and equine veterinary practices, with greater than 310 clinics throughout the UK.
It has grown quickly over the previous three years, including a median of 80 clinics to the group yearly, whereas sustaining robust, like-for-like, top-line development, producing revenues of greater than £250 million within the yr to June 2018.
The deal comes weeks after it was confirmed VetPartners had acquired the Origin Group – one of many UK’s main manufacturing animal operations.
BC Companions and Ares have confirmed their intentions to incorporate rising the VetPartners buyer base, and buying veterinary practices within the UK and internationally.
Jean-Baptiste Wautier, managing accomplice at BC Companions, stated: “VetPartners is a singular enterprise whose speedy development in recent times is a transparent indication of the long run potential for the corporate.
“We stay up for partnering with Jo [Malone], her crew and Ares to assist VetPartners pursue an bold development technique, fuelled by natural development, M&A and the chance to increase into new geographies in Europe.”
Jo Malone, VetPartners chief govt, welcomed the deal and believes BC Companions will assist the enterprise proceed to develop.
She stated: “We’re thrilled BC Companions is supporting us in the course of the subsequent part of our development.
“It brings expertise, information and renewed enthusiasm for the continuing development of our firm. It additionally could be very supportive of how we wish to proceed to develop our enterprise, placing our folks on the coronary heart of what we do.
“We wished to search out the precise future shareholder for the group and in BC Companions we all know we’ve got the proper accomplice.
”I’d additionally wish to thank each Ares and August for his or her help and contribution throughout what has been a extremely profitable interval of development for the corporate.
”Collectively, we’ve got acquired greater than 300 veterinary clinics, and established one of many largest and most profitable veterinary teams within the UK.
”We’re very properly positioned to proceed to construct and develop our enterprise, and I’m delighted Ares will proceed to be a big shareholder within the enterprise, alongside BC Companions.”