Case Study:

Independent Vetcare

“Summit meaningfully supported IVC’s growth strategy throughout our partnership, offering deep experience in healthcare and resources devoted to scaling dynamic organizations.”


David Hillier, CEO

Bath, United Kingdom

David Hillier

Founded in:
invested in:

Acquired by EQT 2017

Case Study:

Independent Vetcare

Largest private veterinary operator in the U.K.

Added 200+ veterinary hospitals during Summit’s investment

Expanded total platform to more than 310 sites, employing 2,700+ people, including 800 veterinarians

Grew revenues by more than 2x and nearly tripled Pro Forma EBITDA

Acquired by EQT in 2017

Run by and for vets, IVC was formed in 2011 through the merger of several large independent veterinary hospitals across the United Kingdom. With a vet-focused business model that enables local practices to retain their independence while centralizing administrative functions and support services at the group level, IVC quickly grew to more than 100 veterinary hospitals. Seeing continued opportunity for growth, IVC’s management sought an experienced healthcare investor with the resources and expertise to accelerate the company’s acquisition pace and increase organic growth – and chose to partner with Summit in 2014.

How Summit helped:

  • Completed a majority investment in 2014
  • Worked collaboratively with management to accelerate acquisition pace, assisting in developing a pipeline tracking system and sourcing several large acquisition opportunities
  • Summit’s Peak Performance Group helped to evaluate operational best practices across the IVC network and worked with management to develop and deploy a post-merger “playbook” to optimize the integration of add-on acquisitions
  • Helped amend and upsize IVC’s existing senior credit facility, securing additional capital to support acquisitions and further expansion
  • Assisted in deploying a new practice management systems across IVC sites to optimize central administrative functions, improve financial reporting and develop management dashboards

With its vet-friendly culture and reputation for clinical excellence, IVC grew to more than 300 hospitals during Summit’s investment period, employing more than 2,700 people, including 800 physicians. IVC was acquired by EQT in January 2017.

IVC represents Summit’s third investment in the veterinary market and one of eighteen investments in the broader physician practice management market.