An end-of-life pet care company has acquired the crematorium arm of listed veterinary group, CVC, in a \u00a342.4m deal.<\/p>\n
Leeds-based Anima Care has bought Crematoria following an ongoing investigation by the Competition and Markets Authority (CMA) into the UK veterinary sector.<\/p>\n
The sale of Crematoria represents a 10x multiple of adjusted EBITDA.<\/p>\n
The deal will see Anima Care provide clinical waste disposal and cremation services to CVS practices and clients.<\/p>\n
Anima Care UK is part of the French company, Funecap Group<\/p>\n
Britain’s veterinary sector has been under scrutiny from the CMA amid concerns that pet owners were being overcharged.<\/p>\n
These include pet owners finding it difficult to access basic information like price lists and prescription costs \u2013 and potentially overpaying for medicines. The CMA said it was also concerned about weak competition in some areas, driven in part by sector consolidation, and the incentives for large corporate groups to act in ways which may reduce competition and choice.<\/p>\n
CVC is one of the UK\u2019s \u2018big six\u2019 veterinary which include IVC, Linnaeus, Medivet, Pets at Home and VetPartners.<\/p>\n
CVC said the disposal will enable the group to further invest in its Australian business. The group said it has completed the previously announced acquisition of VPP Group PTY Ltd t\/a Veterinary Practice, comprising six practice sites in Victoria. CVC has made six acquisitions in the financial year to date, for aggregate initial considerations of 28.2m.<\/p>\n
The Group now has 28 practices in Australia, with 42 practice sites. The Group has a strong pipeline of future acquisition opportunities with contracts exchanged for a further acquisition (comprising one practice site) and a healthy deal pipeline.<\/p>\n
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