EQT-backed IVC bolts on Scarsdale Vets

The transaction comes just four months after EQT sold a minority stake in IVC to strategic investor Nestlé and six months after it sold a 20% stake in the firm to the Sixth Swedish Pension Fund (AP6) and Alecta at a £2.6bn valuation.

The latest deal brings the consolidated group's headcount to around 13,000 across more than 1,000 sites. IVC has operations in 10 countries.

Previous funding
August Equity acquired Advanced Vetcare and Rowe Veterinary Group in 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.

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 the €4.75bn fund EQT VI. In 2017, IVC was combined with Evidensia, an EQT VI investment made in 2014.

Company
Founded in 1945, Derby-headquartered Scarsdale is a provider of veterinary services that operates first-opinion sites for small animals, its Pride Referrals hospital, and a farm and equine clinic. The business has a total of 12 centres across Derbyshire and Staffordshire with a combined headcount of 350.

Advisers
Company (Scarsdale Vets) – Lincoln International, Matthew Lee (corporate finance).

People
Independent Vetcare Group – Paul Cowling (UK CEO); Stuart Caton (commercial director).
Scarsdale Vets – John Turkington (senior partner).

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