The two firms are undoubtedly the big dogs in the auction, although there are suggestions Permira Private Equity is also interested.
Sell-side adviser Jefferies has been shepherding suitors through a tight timetable, thanks to VetPartners’ global parent National Veterinary Associates’ plan to float the leftover business. Bidders were given only a few weeks to make up their minds about VetPartners and asked to lob non-binding indicative bids by end of August.
Clearly, the rapid-fire deadlines haven’t deterred deep-pocketed buyers. The question now is if Jefferies can squeeze out a circa $1.4 billion binding bid – that’s the multiple implied by TPG Capital’s sale of a 45 per cent stake in GreenCross last year. VetPartners has 267 clinics in Australia, New Zealand and Singapore, which helped it make $661 million revenue and $131 million EBITDA for the 2023 financial year. The sell-side pitch, previously reported by Street Talk, said VetPartners’ had grown its top-line at 40 per cent over the past six years on a compounded basis and has a long runway to growth with just 20 per cent of the market currently consolidated.
Its parent, California headquartered National Veterinary Associates, is the largest private owner of freestanding veterinary hospitals in the United States. It established its local presenceAfter selling VetPartners, it plans to split the $US6 billion-a-year global business into two separate units: Ethos Veterinary Health would have 145 animal hospitals and $US2 billion annual revenue; and NVA would have 1400 locations including animal general practices, equine hospitals and pet resorts.
has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.
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