EQT sells stake in IVC to Nestlé

It is the second partial exit the GP has made from IVC this year, after selling a 20% stake in the firm to the Sixth Swedish Pension Fund (AP6) and Alecta at a £2.6bn valuation in February.

EQT remains the majority shareholder in IVC following the two divestments.

IVC will enter a strategic partnership with Nestlé's Purina PetCare division following the deal, but will continue to operate as an independent business.

The GP originally acquired the company in 2016 for an enterprise value in the region of €500-600m, according to Unquote Data. AP6 was a co-investor in the original deal.

Previous funding
August Equity acquired Advanced Vetcare and Rowe Veterinary Group in October 2011, and merged the two companies to create IVC. The transaction gave the consolidated business an enterprise value of £35m.

Two months later, August provided acquisition finance to support the bolt-on of Berry House Group. Under the GP's tenure, the company's profits increased by a multiple of four with site numbers growing from 20 to 100.

Summit Partners then acquired Independent Vetcare from August Equity in July 2014 in a deal estimated to be worth £100m, according to Unquote Data.

EQT backed the tertiary buyout of the business in 2016, drawing equity from its €4.75bn EQT VI fund.

In February 2017, IVC was combined with Evidensia, an EQT VI investment made in 2014.

Company
Bath-headquartered IVC was formed in 2011 through the merger of Advanced Vetcare and Rowe – founded in 2007 and 1948 respectively. The business has a headcount of 11,770, including 3,229 veterinarians. In addition to providing veterinary care, it also operates an online pet pharmacy.

People
EQT Partners – Per Franzén (partner).
Independent Vetcare Group – David Hillier (CEO).

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• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• EQT
• Partial sale