Vet market consolidator CVS (UK) Ltd has acquired Veterinary Enterprises & Trading Ltd (VET) for £9.9 million, plus the value of its debt.
Vet market consolidator CVS (UK) Ltd has acquired Veterinary Enterprises & Trading Ltd (VET) for £9.9 million, plus the value of its debt.
West Sussex-based VET operates under the Pet Doctors brand and has 27 veterinary surgeries across the South East of England. The company also owns vet diagnostic and laboratory business Greendale, which employs 13 staff.
AIM-listed CVS raised £9 million through a placing on AIM at 190p a share to fund the deal. The Norfolk-based company made five acquisitions in 2009 and now operates 197 veterinary surgeries across the country.
A cross-office team from law firm Thomas Eggar, led by partner Michael Camps and associate Danos Swain, advised the shareholders of VET in the sale. VET reported an increase in revenue of 3 per cent to £12.8 million in the year ending March 2009.
For the year ending 2009, CVS reported a 23 per cent rise in revenue to £76.6 million and a 72 per cent increase in profit before income tax to £7 million. CEO Simon Innes said that ‘the shape of the business augurs well for when normal economic conditions return’.
