KKR’s Pets at Home buys Vets4Pets

The transaction will see Vets4Pets's 93 standalone joint venture veterinary practices integrated into Pets at Home's existing Companion Care vet business.

Negotiations took around three months from start to closing. The acquirer sourced the deal through carefully targeting what they deemed a respected company with a similar business strategy, according to the GP. Pets at Home financed the deal via existing debt facilities.

Companion Care and Vets4Pets operate on a similar business model, offering JV opportunities to vets. Pets at Home has identified the expansion of services, including vet practices, as a key driver in its growth strategy.

Pets at Home is headquartered in Handforth, Cheshire and operates 346 stores nationwide.

KKR acquired Pets at Home in a deal worth £955m in 2010.

Company
Vets4Pets was set up in 2001 by Peter Watson, a former director at Specsavers and Vision Express Joint Ventures. The company is based in Guernsey, has 900 employees and a turnover of approximately £100m.

People
Peter Watson is the founder and chief executive of Vets4Pets. Nick Wood is the chief executive of Pets at Home. Mark Hughes is a corporate partner at Browne Jacobson.

Advisers
Equity - Clifford Chance, Kem Ihenacho, Christopher Sullivan (Corporate finance); Carey Olsen (Legal). Deloitte (financial due diligence).
Company - Browne Jacobson, Mark Hughes, Tina Robinson (Corporate finance); Sarah Parkinson (Property); Beth Dowson (Tax).

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• Topics
• UK / Ireland
• Healthcare
• Now researching
• Expansion
• United Kingdom
• KKR
• Acquisition finance