Meridia invests in veterinary specialist Vetsum

The GP invested in Vetsum via Meridia Private Equity I, a €105m fund closed in 2017 that targets Spanish companies generating revenues in the €15-150m bracket, and deploys equity tickets of €15-30m.

With this investment, Meridia aims to support Vetsum's organic growth, boost its expansion and accelerate its consolidation strategy across Iberia. The company plans to enlarge its network of clinics by acquiring four hospitals in Spain and Portugal in the coming months.

Vetsum is owned by pet care company Kipenzi, which was backed by Meridia in April 2019. Subsequently, the GP, alongside TA Associates, sold its stake in Kipenzi to Emefin, a Peruvian family office that manages pet retailer Superpet. Kipenzi's founders and minority owners, Javier Osa and Álvaro Gutiérrez, retained their stakes in the business. Meridia made a money multiple of 2x on this investment, in a deal that gave the company an enterprise value of around €200m, equal to approximately 15x its 2018 EBITDA.

Company
Headquartered in Madrid, Vetsum manages a network of 11 veterinary hospitals across Spain, offering a wide range of services, including primary and critical care, surgery and advanced diagnostics. The company generates annual revenues of around €20m.

People
Meridia Capital – David Torralba (partner).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Spain