Thu, 01 Oct 2015 | BUSINESS SALE
Veterinary group Alnorthumbria has been bought by CVS Group for £7.7 million.
The North East-based practice was founded in 2007 as a result of the merger of the Aln Veterinary Group and The Northumbria Veterinary Partnership, and comprises nine surgeries based across the region.
CVS, itself a large provider of veterinary care with over 300 surgeries across the UK, put down £6.6 million in cash on completion and is to pay a further £1.1m in two tranches, providing that Alnorthumbria's total revenue is more than 111 per cent higher than the year before. It is funding the acquisition from its own coffers.
Alnorthumbria recorded sales of £5.7 million and an adjusted pre-tax profit of £800,000 for the year to 31 March 2015.
Regarding the sale, Simon Innes, CVS Group chief executive said: "Alnorthumbria is a strong fit with the group's existing operations, significantly increasing the Group's presence in the North East and enhancing our large animal and equine business.
"As part of the CVS Group, Alnorthumbria is expected to benefit substantially from better purchasing power as well as overhead synergies."
CVS was set up in 1999 to acquire and run veterinary practices that are already well established in their areas. Its portfolio to date includes five laboratories and four pet crematoria.
Find a business for sale
Financing a business purchase
One of the top job search portals - developed in-house - with over 1m UK-based vacancies available from employers operating in nearly all sectors across the UK. Also develops & operates a series of complementary platforms & mobile apps for use within...
Manufacture and supply of high quality, hard metal, flanges and butt welds with machining services. Enviable reputation. Niche offering. Long standing relationships with suppliers. In-house manufacturing capabilities. Diverse client base including m...
Public and private sector road surfacing and civil engineering contractor with a prestigious Royal Warrant for Road Maintenance. Provides roadworks, groundworks and civil engineering services. Diverse customer base including Royal Estates, local auth...
|
19
|
|
Jan
|
Luxury lodging group enters administration | ADMINISTRATION
An Essex-based company which operates eight luxury lodge par...
|
17
|
|
Jan
|
Fine paper business enters administration | ADMINISTRATION
Arjowiggins UK, which operates a number of trading companies...
|
15
|
|
Jan
|
Hawk Plant enters administration | ADMINISTRATION
The Shropshire company, that has previously undertaken landm...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources