December 09, 2016
EQT VI has signed an agreement to acquire Independent Vetcare Limited (IVC), the third largest vet services provider in the UK, from Summit Partners
EQT VI will support IVC through both organic and acquisitive growth opportunities under the leadership of CEO David Hillier
Run by and for vets, IVC was founded in 2011 through the merger of three veterinary groups, and has since grown rapidly through organic growth as well as a large number of add-on acquisitions. Today, IVC is the largest privately owned vet services platform in the UK with more than 290 sites and an online pet pharmacy. The company is primarily focused on first opinion care, complemented by referral hospitals, and operates a decentralized model promoting clinical freedom balanced with integrated support functions such as procurement, veterinary advisors and clinical boards. With its vet-friendly culture and reputation for clinical excellence, IVC has quickly grown into an organization of approximately 2,700 people, including 800 veterinarians.
David Hillier, CEO of IVC says: “I am very proud of what we have achieved so far in IVC and we are all excited by what the future now holds. IVC has benefitted greatly from Summit´s deep experience in healthcare services and in scaling dynamic organizations like ours. EQT will enable us to continue to develop the group, to increase investment in our people and facilities and empower us to build the premium veterinary group in Europe. We will continue to focus on the values which are dear to us: Teamwork, transparency, client satisfaction and clinical excellence. In EQT we have a partner who shares these values and brings a wealth of experience in veterinary care and associated fields. We are excited to partner with EQT for the journey ahead.”
Thomas Tarnowski, a Principal based in Summit Partners’ London office, who has served on the IVC Board of Directors since the firm’s investment in 2014, comments: “It has been an honour to work alongside David Hillier and the entire IVC team as they carried out their vision of creating a vet-friendly culture that enables practice owners to maintain clinical autonomy, while gaining the benefits of joining a larger organization. We are delighted to transition IVC to EQT for the next phase of the company's growth.”
Per Franzén, Partner at EQT Partners, Investment Advisor to EQT VI, says: “We are very impressed by IVC and the leading position that management has built in the UK market thanks to its passion for veterinary care. EQT’s strong expertise and deep vet services sector experience from Evidensia, alongside EQT’s industrial network, will support IVC’s further growth and development of a veterinary group which keeps decision-making in the hands of the clinician.”
The transaction is expected to close in early 2017. The parties have agreed not to disclose the transaction value.
EQT is a leading alternative investments firm with approximately EUR 31 billion in raised capital. EQT Funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 15 billion and approximately 100,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. More info: www.eqtpartners.com
IVC is the largest privately owned vet services platform in the UK with more than 290 sites and an online pet pharmacy. IVC employs approximately 2,700 FTEs, including 800+ FTE veterinarians. More info: www.independentvetcare.co.uk
About Summit Partners
Summit Partners is a global growth equity firm that is currently investing more than USD 7.2 billion into equity and fixed income opportunities. Summit has invested in more than 440 companies in healthcare, life sciences, technology and other growth sectors. These companies have completed more than 140 public offerings, and more than 165 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world. More info: www.summitpartners.com
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.