CVC Capital Partners VIII has agreed to acquire a majority interest in Medivet, a veterinary care provider in the UK, Germany and Spain for an undisclosed amount.
Medivet has been part-owned by Inflexion Private Equity since 2016. Inflexion Private Equity is selling its stake in Medivet in a deal reported to be worth more than £1billion.
With more than350 branches in the UK, Medivet offers a range of small animal health services including routine check-ups, 24/7 emergency care, lab and diagnostics and advanced surgery to companion pets across the country.
From its UK foundations, the company has recently expanded with operations in Germany and Spain, with around 50 sites in Europe in partnership with local founders.
With CVC Funds’ backing, Medivet stated it will pursue a strategy focused on driving organic and inorganic growth.
Deirdre Burns, chief executive of Medivet said: “I am delighted that CVC has decided for its funds’ to invest in Medivet to fuel and support our ambitions and growth plans for the UK and Europe, and look forward to working together to bring them to fruition. Over the last 34 years, our central partners, branch partners and all our people have worked hard to build an outstanding business, centred on delivering exceptional care and service to our patients and clients. In the last few years, the management team have built upon these foundations, transforming the professionalism of our functions and operation, and we are primed to continue our expansion – both in market presence and in the depth of our clinical care, service and expertise.”
Arnold Levy, on behalf of the founders of Medivet, commented: “It is with great pride that we see Medivet in the position it is today, and would like to extend our congratulations to all our outstanding staff who endeavour daily to make pets’ lives better. Deirdre and her management team have worked tirelessly to build on the company’s track record in recent years, and to ensure it is well placed to continue its growth in the years to come. In CVC, we have found a new investor and partner who appreciate our industry, our business and its model and we wish them all the best for the next phase of the journey.”
Dominic Murphy, managing partner and co-head of UK investments at CVC, said: “Medivet is a fast-growing and attractive business, where we are delighted to be backing the management team, led by CEO Deirdre Burns, to further grow the UK business and accelerate international expansion. CVC Funds have significant experience investing in similar service-based healthcare businesses across Europe, and believe we can use these learnings to support the team effectively.”
Phil Robinson, managing director in CVC’s healthcare team added: “Having practiced as a veterinary surgeon myself, I can appreciate the outstanding capabilities of the vets, nurses and practice staff within Medivet. We at CVC now look forward to supporting the company to provide them with the necessary tools and resources to continue delivering excellent clinical care to their patients.”
The transaction is expected to close in the fourth quarter. CVC was advised by Jefferies, Freshfields, PwC, L.E.K., Mansfield Advisors and Goldman Sachs. Medivet was advised by HSBC, Travers Smith, KPMG and EY.
Date published: September 16, 2021