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.
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