CVC Capital Partners, the private equity giant, is buying one of Britain’s biggest chains of veterinary clinics as it seeks to exploit a boom in pet ownership during the pandemic.
Sky News has learnt that Medivet is being sold by Inflexion Private Equity to CVC in a deal worth more than £1bn.
Medivet, which operates around 300 branches and more than 20 round-the-clock clinics across the UK, has been part-owned by Inflexion Private Equity since 2016.
Image: The pandemic has seen a boom in pet ownershipInvestment bankers at HSBC ran the Medivet auction process.
Sources said there had been substantial interest from financial bidders because of the opportunity to continue consolidating what remains a fragmented industry.
AdvertisementThe potential for expansion into European markets is also likely to be a focus for Medivet’s new owner, they added.
Inflexion will make a handsome return from the sale to CVC, with other slugs of equity owned by Medivet’s veterinary practice-owners as well as current and former executives.
More from BusinessIt would be the latest large deal in the industry this year, following IVC Evidensia’s sale of a €3.5bn stake to Silver Lake, the buyout firm, and Nestle.
That deal valued IVC Evidensia at more than £10bn.
CVC and Inflexion declined to comment on Thursday.
