Insiders say offers could reach £1.5 billion
The owner of Independent Vetcare (IVC) is rumoured to be preparing to sell it for £1.5 billion, in what would be the sector’s biggest takeover to date, Sky News has reported.
EQT partners, IVC’s controlling shareholder, has instructed bankers at Jefferies to run an auction of the business and its 300 practices. It is seeking offers in the first week of November.
According to Sky News, insiders have said that offers could value the company at up to £1.5 billion. This is compared to the £700 million paid out by BC Partners, which purchased VetPartners in August.
IVC operates in numerous other countries, including Sweden, where it merged with Evidensia Group in 2017.
Commenting on the reports, David Hillier, CEO of IVC said: “There is some current speculation that IVC is potentially seeking additional funding.
"Given the phenomenal growth the company is experiencing this is not particularly surprising and does not imply any change in ownership or strategy.
"For us this is very much business as usual. There is absolutely no change to the underlying business, to the current management team or to the long-term direction of the company.
"We will continue our strong growth, our investment in people, premises and processes in order to provide our stated aim of ‘exceptional veterinary care’”.