Fri, 23 Apr 2021 | BUSINESS SALE
According to reports, Medivet, one of the UK’s biggest veterinary clinic chains, is planning to put itself up for sale for £1 billion. Part-owned by private-equity firm Inflexion since 2016, Medivet has been among the key drivers in a time of widespread, PE-backed M&A in the veterinary industry.
In 2019, Medivet was ranked as the ninth most acquisitive company in the UK by Corporate Financier, with eight acquisitions. The top two slots in that ranking were filled by rival veterinary chains, IVC Evidensia and VetPartners, both firms started and then exited by August Equity.
With the backing of Inflexion, Medivet has grown to around 300 UK branches and operates 22 state-of-the-art 24-hour clinics.
Medivet now looks set to take advantage of this wave of dealmaking (in what remains a highly fragmented industry with plenty of scope for acquisitions), as well as a significant increase in pet ownership during the COVID-19 pandemic, by launching a sale auction.
Reports indicate that HSBC’s investment banking division will run the sale process. The auction is expected to generate considerable interest, with investors keen to enter the veterinary industry and tap into the potential for further consolidation.
According to sources close to the deal, the industry also contains huge potential for expansion into the European market, which should drive further interest.
Another deal earlier in the year demonstrated the massive interest in the veterinary sector, with Silver Lake and Nestle leading a £3 billion investment in IVC Evidensia, a stake that valued the firm at over £10 billion.
Read more about what makes the veterinary industry so ripe for consolidation.
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