BC to acquire VetPartners
Private equity company BC Partners has reached an agreement to acquire a majority stake in VetPartners.
In a press release, the firm - which owns the UK restaurant chain, Côte - said the agreement had been reached with funds managed by the Ares Management Credit Group, August Equity and co-investors.
Whilst financial terms of the deal have not been disclosed, the sale is estimated to be in the region of £700 million. It will see Ares reinvest alongside BC Partners and the management team, led by CEO Jo Malone, who will also invest in the company.
The VetPartners group is one of the UK’s leading operators of small animal, mixed and equine veterinary practices. With more than 310 veterinary clinics across the UK, the company provides services to pets, equine and production animals.
BC Partners and Ares said they will support CEO Jo Malone’s plans for growth, which include increasing the VetPartners customer base, acquiring new veterinary practices and expanding internationally.
BC Partners managing partner Jean-Baptiste Wautier commented: “We have tremendous respect for Jo and her team and what they have achieved so far. VetPartners is a unique business whose rapid growth in recent years is a clear indication of the future potential for the company.
“We look forward to partnering with Jo, her team and Ares to help VetPartners pursue an ambitious growth strategy, fuelled by organic growth, M&A and the opportunity to expand into new geographies in Europe.”
VetPartners CEO Jo Malone said: “We are thrilled that BC Partners are supporting us during the next phase of our growth. They bring experience, knowledge and renewed enthusiasm for the ongoing growth of our company.”