Summit picks up August's Independent Vetcare

The transaction was handled privately, following interest from both trade and private equity. Under August's stewardship, Independent Vetcare's profits have increased four times and site numbers have grown from 20 to 100.

Previous investment
August created Independent Vetcare in October 2011 by merging Advanced Vetcare and Rowe Vetinary Group in a deal valued at around £35m. August invested through its August Equity Partners II fund, raised in 2008.

August has since supported Independent Vetcare's bolt-on acquisition of Berry House Group in December 2011. More than 40 veterinary groups have joined Independent Vetcare.

Company
Independent Vetcare is a group of veterinary practices throughout the UK.

People
August partner David Lonsdale led the investment. Philip Rattle is managing partner at August. David Hillier is CEO of Independent Vetcare.

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• Topics
• Exits
• UK / Ireland
• Healthcare
• Buyouts
• August Equity LLP
• Summit Partners
• Secondary buyout