Global pet care business buys UK specialist
Animal healthcare business Nutravet has been bought by Swedish group Swedencare in a £33m deal.
The Bolton-based company was founded in 2008 to provide high quality natural alternatives to traditional veterinary products. It has always sold its nutraceuticals and pet supplement products direct to vets and animal hospitals, and now works with more than 2,200 customers.
Founder Matthew Shaw will stay with the company and become a significant shareholder in the Swedencare group.
Håkan Lagerberg, chief executive of Swedencare, said Shaw has “built a fantastic company and concept which we will nuture, develop and expand out into the world market”.
Currently Nutravet is UK-focused and generated sales of £5.5m in the year to August. It also has a well-established deal with a large European veterinary care provider that presents a market opportunity in 10 European countries and Swedencare is upbeat about Nutravet’s potential growth when its products are introduced to Swedencare’s international network.
Lagerberg added: “With the acquisition of Nutravet, we create a unique group which entails different growth and profit-driven companies within animal health.
“It’s amazing to be able to add yet another outstanding and profitable company to the Swedencare family.
“At the same time, I am very comfortable as in Matthew Shaw we get an experienced colleague who, just like me, thrives by bringing growth and profitability together with customer satisfaction and innovation.”
Swedencare has acquired all of the shares of Nutravet. The deal is three-quarters cash and one-quarter shares in Swedencare.
Manchester-based sell-side corporate finance firm Convex Capital advised Shaw, with a team led by Neil Worsley, Isaac Asamoah, Indy Singh and James Edge. Legal advice was provided by the corporate team at Primas led by Gary Black and Melissa Welch.
Mike Driver, CEO of Convex, said “Achieving results such as this for Matthew demonstrates Convex’s commitment to helping entrepreneurs and owner-managers realise significant value through strategic sales to acquirers around the world.
“Matthew has built a unique proposition in the animal health and veterinary sector and Swedencare represent a highly synergistic acquirer and perfect home for the business.”