August-backed Independent Vetcare makes bolt-on

The investor injected additional capital for the transaction and HSBC provided additional debt facility.

The deal will enhance the company's geographical footprint. Following the transaction, Independent Vetcare appointed David Hillier as new CEO of the group.

In October this year, August Equity formed Independent Vetcare by merging Advanced Vetcare and Rowe Veterinary Group.

Company
Established in 2007, Advanced Vetcare is the largest veterinary group in the south west, consisting of the Bath Vet Group, Unicorn Vet Group, Natures Vet and Cat Clinic. It also comprises a 24-hour veterinary hospital and online pharmacy business Pet Drugs On-Line.

Rowe Veterinary Group, meanwhile, is based in Bristol and South Gloucestershire, and houses four surgeries, including a 24-hour hospital. It was founded in 1948. The businesses each employ around 180 people.

Berry House Group was launched about 50 years ago and operates two facilities in Hitchin and Shefford, North Hertfordshire. The company employs 15 people.

People
David Lonsdale is investment director at August Equity. Stuart Mills arranged the finance package for HSBC.

Advisers
Equity – Osborne Clarke, Paul Cooper (Legal); KPMG, Ian Pontefract (Financial due diligence); PricewaterhouseCoopers, Kevin Morris (Tax); Lockton Companies, Philip Dearn (Insurance due diligence); Christies, Richard Lunn (Property & Plant Valuation); CIL, Giles Johnson (Commercial due diligence); Intuitus, Callum Stewart (IT due diligence); Wragge & Co, Chris Brieley (Corporate finance).

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• Topics
• UK / Ireland
• Consumer
• Expansion
• United Kingdom
• August Equity LLP
• Acquisition finance