Ufenau buys Karthaus

The company's enterprise value and annual revenues are both around €10m, according to a source close to the situation.

Horse breeder and billionaire Andreas Jacobs, the duke of Croy and CEO Victor Baltus will also hold shares in the new company.

This deal is the first transaction in Ufenau's new buy-and-build strategy in the equine medicine sector. The new company will be called Altano Group; it employs around 50 people and treats 6,500 horses per year.

The GP says the German equine medicine market is attractive for consolidation since a change in EU law last October opened it up for private investment. It hopes to bolt on an additional 10-20 clinics in the next five years.

Company
Founded in 1961 and based in Weddern, Karthaus is a veterinary clinic for horses in North Rhine-Westphalia. It employs around 19 vets and has been owned by Victor Baltus since 1998. The clinic expanded in 2011, building new stables, an intensive care unit and an eyecare department. The company generates turnover of €10m with a profit margin of around 20%.

People
Ufenau Capital Partners – Ralf Flore (managing director).
Altano Group – Victor Baltus (CEO).

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