Silver Lake, Nestlé lead €3.5bn investment in IVC Evidensia

As part of the deal, Silver Lake will acquire a minority stake in the company, while Nestlé will increase its stake that it initially acquired in 2019.

Existing owner EQT partially exited its stake from EQT VII, but has reinvested through its EQT IX fund, and remains the largest shareholder in the company. Following the transaction, EQT IX will be 35-40% deployed. 

According to several press reports, the GP was previously looking to list the company in March 2021 – a deal that could have fetched £10bn.

According to publicly available data, the company in 2019 had an EBITDA of £122m, suggesting its latest valuation is nearly 90x that figure. 

Tech investor Silver Lake will support the company's digitalisation, while the partnership with Nestlé will allow IVC to leverage Nestlé Purina PetCare's expertise in pet health, pet nutrition and scientific innovation. At the same time, Nestlé will benefit from insights into veterinary care for its pet food product lines. 

The transaction is subject to regulatory approval and is expected to close in Q2 2021.

Company
Founded in 2011 and headquartered in Bristol, UK, IVC is a veterinary service with more than 1,500 clinics and hospitals, and approximately 22,000 employees across Europe.

People
IVC Evidensia – Steve Clarke (CEO).
EQT – Per Franzén (partner).
Silver Lake – Simon Patterson (managing director, co-head of EMEA).

Advisers
Vendor – Goldman Sachs (financial due diligence); Jefferies (financial due diligence). 
Equity (Silver Lake) – JP Morgan (financial due diligence); Numis (financial due diligence).
Equity (Nestlé) – Credit Suisse (financial due diligence). 

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• Topics
• Expansion
• UK / Ireland
• Healthcare
• Silver Lake - London
• EQT
• United Kingdom