Independent Vetcare

Veterinary practices operator
Invested in
2014
Status

Acquired by EQT 2017

Location
Bath, United Kingdom
Sector
Healthcare & Life Sciences
Sector
Healthcare & Life Sciences

"Summit provided meaningful support to IVC throughout our partnership, offering deep experience in healthcare and resources devoted to scaling dynamic organizations."

David Hillier
Former CEO
|
Independent Vetcare
200+

Veterinary hospitals added during Summit’s investment, expanding platform to more than 310 sites

2,700+

Employees, including 800 veterinarians

2x

Revenue growth and nearly 3x Pro Forma EBITDA growth during Summit’s investment

2017

Acquired by EQT

200+

Veterinary hospitals added during Summit’s investment, expanding platform to more than 310 sites

2,700+

Employees, including 800 veterinarians

2x

Revenue growth and nearly 3x Pro Forma EBITDA growth during Summit’s investment

2017

Acquired by EQT

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 Partners Helped

  • Completed a majority investment in 2014
  • Collaborated closely 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 310 hospitals during Summit’s investment period, employing more than 2,700 people, including 800 physicians. IVC was acquired by EQT in January 2017. IVC represented Summit’s third investment in the veterinary market and one of more than 30 investments in the broader physician practice management market.

The Portfolio Company Executive quoted herein did not receive compensation for any statements regarding Summit Partners. However, since Independent Vetcare is a former portfolio company of Summit, this individual did receive general compensation in connection with his employment by the company. In addition, this individual is not an investor in a Summit fund but may have conflicts arising from his past role with Independent Vetcare due to the company’s relationship with Summit.

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