IndustryNews

CVC Capital Partners, the private equity giant, is buying one of Britain’s biggest chains of veterinary clinics as it seeks to exploit a boom in pet ownership during the pandemic.
Sky News has learnt that Medivet is being sold by Inflexion Private Equity to CVC in a deal worth more than £1bn.

Medivet, which operates around 300 branches and more than 20 round-the-clock clinics across the UK, has been part-owned by Inflexion Private Equity since 2016.

Investment bankers at HSBC ran the Medivet auction process.

Sources said there had been substantial interest from financial bidders because of the opportunity to continue consolidating what remains a fragmented industry.

The potential for expansion into European markets is also likely to be a focus for Medivet’s new owner, they added.

Inflexion will make a handsome return from the sale to CVC, with other slugs of equity owned by Medivet’s veterinary practice-owners as well as current and former executives.

 

Source:

skynews