August Equity sells PCS to BC Partners' VetPartners

Following the deal, CEO Glenn Tuck will stay on with the business as managing director.

August Equity led a growth equity investment in the company in 2015, via its £200m August Equity Partners III fund. During August's ownership, PCS boosted its organic growth and completed eight acquisitions.

Headquartered in York, VetPartners operates 500 sites across the UK, employing 5,500 staff. The group also has nine practices in Italy and is preparing for further European expansion in 2021, according to a statement.

The business was established by CEO Jo Malone in 2015 with the merger of three practices: Minster Veterinary Practice in York, Raoul Dowding Vets in Gainsborough, and Westway Veterinary Group in Newcastle.

The group diversified to include a small animal veterinary nursing school, and an equine veterinary nursing school and laboratories, and undertook an acquisitive growth strategy. It acquired Origin in July 2018; Abbey Veterinary Centres in May 2019; Ospedale degli Animali in November 2019; and Hyperthyroid Cat Centre in October 2020.

BC Partners bought VetPartners from Ares Management, Credit Group and August Equity in August 2018. The GP drew capital from BC European Capital X, which held a final close in January 2018 on its €7bn target.

Ares reinvested as part of the transaction, having entered into VetPartners' shareholding structure just two months prior to this deal. The company's management team also reinvested in the business.

Company
Established in 1988 and based in Guilsborough, Northamptonshire, PCS operates 14 pet crematoria sites across the UK, specialising in the cremation of dogs, cats and small pets.

The company also provides bereavement training for veterinary professionals through its subsidiary Compassion Understood.

PCS employs 153 staff.

People
August Equity Partners – David Lonsdale (partner).
Pet Cremation Services – Glenn Tuck (managing director).
VetPartners – Jo Malone (CEO).

Advisers
Vendor – Deloitte (corporate finance); DLA (legal); Ansons (legal); Crowe (tax); KPMG (financial due diligence).

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