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NVL to buy Pet Doctors
Posted on Thursday, 13 September 2018 09:29
National Veterinary Care (NVL) is expanding its portfolio, buying New Zealand-based veterinary practice Pet Doctors Group for AUD 22.70 million (USD 16.13 million).
The acquisition will be funded through existing cash reserves, debt and an institutional placement, and, subject to customary conditions, is expected to complete by 1st November 2018.
Chief executive of the buyer, Tomas Steenackers, said: “The Pet Doctors acquisition will be our largest acquisition since listing on the ASX in 2015 and is an excellent strategic fit with NVL’s existing business, in particular expanding its New Zealand footprint.”
The deal will also make the company a market leader in the companion animal sector, adding a further 23 clinics and two training centres to its existing portfolio of 67 facilities.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 27 deals targeting veterinary services providers announced worldwide since the beginning of 2018.
In the largest of these, Ares Management agreed to buy a minority stake in VetPartners UK Holdings for GBP 500.00 million.
Other companies targeted in this sector include Community Veterinary Clinics, VCS Group, and Greencross, among others.
Steenackers added that upon completion of the deal, the buyer plans to insert NVL systems and its wellness program into 120 of Pet Doctor’s clinics.
According to its website, the target is the largest premium veterinary practice in New Zealand.
It focuses on preventative healthcare for dogs and cats, microchipping, as well as specialist surgery and animal vaccinations.
Similarly, NVL claims to be the leading provider of veterinary healthcare in Australia and New Zealand.
It has clinics throughout states in both countries, including Queensland, New South Wales and Auckland, and posted revenue of AUD 82.28 million in the financial year ending 30th June 2018, compared to AUD 66.84 million in 2017.
© Zephus Ltd