Nordic Capital sells AniCura to Mars Petcare

With AniCura's EV close to €2bn, the exit saw a 7x return for Nordic Capital, a person familiar with the deal told Unquote.

The deal generated one of the best ever returns for Nordic Capital, Thomas Vetander, partner at Nordic Capital, told Unquote.

The company had been fully prepped for an IPO and would have been a great public market company, Vetander said, but when Mars approached the GP, the deal was inked in a quick sale process of 3-4 weeks. 

The deal ends a four-year holding period for Nordic Capital, which acquired the business via its eighth buyout fund in 2014.

Under the GP's ownership, the investment and management teams focused on building a pan-European network of clinics to create a platform for further growth.

There are advantages of bringing clinics into a group, Vetander said, such as improving the care level of the clinics; these benefits are starting to be realised in AniCura, with a lot more to be developed, particularly in digitalising the group.

AniCura grew fourfold and increased the number of clinics from 50 to 200, and its headcount from 1,000 to 4,000 people. The firm's revenues grew from around SEK 900m to SEK 3.3bn, according to Nordic Capital.

With Mars Petcare as a new owner, AniCura will use the fresh capital to continue growing its platform established under Nordic Capital.

Since embarking upon an acquisition spree in the US, Mars has been keen to enter European markets. Just last week, thr conglomerate snapped up UK veterinary business Linnaeus Group, allowing the vendor Sovereign Capital to score its largest ever exit.

Previous funding
Fidelio Capital acquired a controlling stake in AniCura in November 2011. Foundation Djursjukhus i Stor-Stockholm and the company's staff also took part in the deal.

Nordic Capital's eighth fund invested in AniCura alongside existing investor Fidelio Capital in June 2014. Foundation Djursjukhus i Stor-Stockholm and other shareholders retained stakes in the company.

Company
Established in 2011 and headquartered in Danderyd, Sweden, AniCura provides medical and surgical services and specialised treatments for animals.

The business was formed via the merger of the Stockholm Regional Veterinary Hospital, the West Animal Hospital and the Falu Animal Hospital following private equity investment in November 2011.

AniCura offers preventative and healthcare services as well as advanced and specialised diagnostics, intensive care and surgery. It also offers rehabilitation, physical therapy and nutritional counselling. The company employs a staff of 4,000 and posted a turnover of SEK 3.3bn last year. It operates clinics across Scandinavia, Germany, Austria, Switzerland and the Netherlands.

People
Nordic Capital – Thomas Vetander (principal).
AniCura – Peter Dahlberg (CEO).
Mars Petcare – Poul Weihrauch (president).

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• Topics
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