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August sells vet business

August Equity has sold Independent Vetcare (IVC) to US private equity firm Summit Partners in an off-market transaction.

The business, which August created in September 2011 through the acquisition and merger of Advanced Vetcare and Rowe Veterinary Group, was sold for an undisclosed amount.

Under August’s ownership, 40 veterinary firms were bolted onto IVC taking the number of sites in the group from 20 to over 100.

Philip Rattle, managing partner at August Equity, said: “IVC is the third sale from our 2008 fund, August Equity Partners II, which has now returned over 90% of cost. IVC is an excellent example of our ability to identify service businesses in fragmented markets where we can build market-leading businesses of scale. The animal health market is an attractive area for August Equity and in early 2014 we invested in Westpoint Veterinary Services which is the UK’s largest livestock veterinary services practice.”

IVC reported revenues of £6.7 million, ebitda of £667,558 and loss of £1.2 million for the year to September 2012.

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Posted on: 21/07/2014

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