Largest UK vet clinic chain Independent Vetcare Group to be put up for £1.5bn auction
The UK's largest chain of veterinary surgeries, Independent Vetcare Group (IVC), is set to be put up for auction.
Controlling shareholder, Swedish-based private equity house EQT Partners, has commissioned US investment bank Jefferies to launch an auction of IVC in the coming weeks, Sky News reports.
Read more: What happens to our pets when we fly
Insiders told Sky that the company could be valued at £1.5bn and that offers are being sought in the first week of November.
This would be the largest takeover deal in the sector – with the previous record set in August, when private equity firm BC Partners was estimated to have paid £700m for Vetpartners, another practice owner with around 310 clinics.
IVC comprises 300 veterinary surgeries, in what is largely a fragmented sector.
However, one report suggested that 50 per cent of clinics could be owned by corporates by the end of 2018.
David Hillier, chief executive of IVC, said: “There is some current speculation that IVC is potentially seeking additional funding. Given the phenomenal growth the company is experiencing this is not particularly surprising and does not imply any change in ownership or strategy. For us this is very much business as usual. There is absolutely no change to the underlying business, to the current management team or to the long-term direction of the company. We will continue our strong growth, our investment in people, premises and processes in order to provide our stated aim of ‘exceptional veterinary care’.”
EQT Partners and Jefferies declined to comment.