Wed, 28 Feb 2024 | BUSINESS SALE
Identicare Limited, a York-based pet microchipping and pet owner-focused services firm, has been sold by its listed owner in a deal worth £24.9 million. Veterinary medicines supplier Animalcare Group has disposed of its majority stake in the company to BG Bidco 21 Limited – a newly incorporated firm owned by funds managed Bridgepoint Advisors II.
The disposal comes nearly two years after the company was separated from Animalcare’s UK pharmaceuticals business, with specialist leadership brought in, as part of the group’s strategy of focusing on pharmaceuticals and growth via product launches.
In the year ending December 31 2023, Identicare generated around £1.7 million in EBITDA and approximately £100,000 in pre-tax profits, but had net liabilities of around £6.9 million and had been identified by Animalcare Group as a non-core asset.
Animalcare Group said that the disposal would strengthen its balance sheet and enable it to accelerate its organic and inorganic growth plans. Upon receipt of the cash consideration and associated fees from the transaction, Animalcare's net cash is expected to stand at around £27 million.
Jenny Winter, Animalcare Group Chief Executive, commented: "I'm very proud to see what we have achieved with Identicare in recent years.”
"Today's decision to crystallise the value from the sale is the logical next step, significantly strengthening our balance sheet and giving us additional financial flexibility and firepower as we concentrate on growing our pharmaceutical-focused animal health business."
The UK veterinary sector has seen significant amounts of M&A activity over recent years, with dealmaking being driven by a variety of tailwinds, including private equity investment, continuing high levels of fragmentation and ongoing pressure on owners of smaller practices to sell to more resilient, well-capitalised owners.
Find out more about these and other trends which helped to generate a further increase in veterinary sector M&A in the wake of the COVID-19 pandemic
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