August Equity LLP (“August Equity”) managed funds have invested in a veterinary services platform with the merger of Advanced Vetcare Limited (“Advanced Vetcare”) and Rowe Veterinary Group (“Rowe”) and provided the combined business with committed acquisition facilities to fund the buy-and-build.
Advanced Vetcare is the largest veterinary group in the south west. The business consists of four separate first opinion brands, Bath Vet Group, Unicorn Vet Group, Natures Vet, Cat Clinic, a high quality 24 hour veterinary hospital with a veterinary referral service and a standalone high growth online pharmacy business, Pet Drugs On-Line, which offers prescription and non-prescription veterinary medicines direct to consumers.
Rowe, a leading veterinary group based in Bristol and South Gloucestershire, consists of four surgeries including a purpose built 24 hour veterinary hospital and established veterinary referral and out of hours emergency services. The business is very well established having been founded in 1948.
Terry Norris has been appointed as Chairman. Terry Norris has specific experience of the veterinary care sector having been a director of CVS.
Terry Norris, Chairman, commented: “The veterinary services market is a highly attractive area and we are excited by the prospects of working with August Equity to grow these businesses organically and by acquisition".
David Lonsdale, investment director at August Equity, said: “These businesses have achieved an enviable reputation for service amongst their customers and we look forward to working with this strong management team to further consolidate their position in this highly fragmented market place. We expect to complete new acquisitions in the coming weeks"
The deal was originated and executed by Aatif Hassan, partner, and David Lonsdale, investment director.