August Equity acquires Hallmark Veterinary Imaging

The deal is the seventh investment made from August's latest fund, August Equity Partners IV. The GP held a final close on £224m for the vehicle in early 2017. It usually writes equity cheques of £20-25m for UK businesses generating up to £5m of EBITDA. 

The fund is now 55% deployed less than two years after the close.

Following the deal, Hallmarq will look to expand further into the US market and extend its offering for companion animals.

August has significant experience in the petcare sector, with past investments including VetPartners, IVC, PCS and Origin Group. The GP notably sold its stake in the former to BC Partners earlier this year - the deal was reportedly valued at £700m. August launched VetPartners in 2015 via the merger of three businesses based in York, Newcastle and Lincoln.

Company
Founded in 2001, Hallmarq specialises in advanced diagnostics for equine and companion animals. It notably claims to have developed the world's only MRI scanner for the standing horse, allowing vets to more effectively identify lameness in horses than the usual methods of x-ray or ultrasound. It also offers PetVet, an MRI system specifically designed for the anatomy of dogs and cats, replacing the use of refurbished human machines.

According to publicly available records, Hallmarq posted revenues of £6.3m in the year ending in August 2017. Unquote understand that EBITDA is around £3m.

People
August Equity - Garret Turley (partner).
Hallmarq - Jos Belgrave (CEO).

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