UK - Sovereign reaps 11.9x return from veterinary services exit

CVS was established in August 1999 with funding from Sovereign which enabled it to commence the consolidation of the veterinary practice market. To date it has made 39 acquisitions and now comprises 45 practices nationwide together with three diagnostic laboratories. The deal returned an IRR of 52% to Sovereign over the life of the investment. In 2006/7, CVS generated an EBITDA of £5.1m on sales of £39m.

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• Topics
• Exits
• UK / Ireland