17 Sept 2021
CVC Capital Partners announces the acquisition of majority stake in UK-based practice group.
James Westgate
Job Title
Medivet The Vets 24-hour Hospital in Hendon, North London.
A private equity firm has announced it has acquired a majority stake in Medivet in a deal reportedly worth more than £1 billion.
The transaction will see CVC Capital Partners buy one of the UK’s largest veterinary groups, with the sale expected to be completed by the end of the year following an auction process managed by HSBC.
With CVC Funds’ backing, Medivet – which has more than 350 sites – will pursue a strategy focused on driving both organic and inorganic growth and expanding its footprint abroad.
The company has recently expanded its operations in Germany and Spain, and now has 50 sites in Europe.
Deirdre Burns, chief executive of Medivet, said: “I am delighted that CVC has decided for its funds’ to invest in Medivet to fuel and support our ambitions and growth plans for the UK and Europe, and look forward to working together to bring them to fruition.
“Over the past 34 years, our central partners, branch partners and all our people have worked hard to build an outstanding business, centred on delivering exceptional care and service to our patients and clients.”
Arnold Levy, on behalf of the founders of Medivet, added: “It is with great pride that we see Medivet in the position it is today, and would like to extend our congratulations to all our outstanding staff who endeavour daily to make pets’ lives better.
“Deirdre and her management team have worked tirelessly to build on the company’s track record in recent years, and to ensure it is well placed to continue its growth in the years to come. In CVC, we have found a new investor and partner who appreciate our industry, our business and its model, and we wish them all the best for the next phase of the journey.”
Dominic Murphy, managing partner and co-head of UK Investments at CVC, said: “Medivet is a fast-growing and attractive business, where we are delighted to be backing the management team, led by CEO Deirdre Burns, to further grow the UK business and accelerate international expansion.
“CVC Funds have significant experience investing in similar service-based healthcare businesses across Europe, and believe we can use these learnings to support the team effectively.”
