J-Star completes Japanese veterinary bolt-on

According to a statement, it acquired a 100% interest in the target company. VIS, which operates seven clinics in Osaka, Hyoto, Tokyo and Saitama, will be added to JVCC, which J-Star established to consolidate Japan’s fragmented and decentralized pet industry.

VIS was founded in 2008 by Yukihiko Matsumoto, a former CEO of pet supplies company Marukan. Its acquisition gives JVCC 10 clinics and seven pet salons. Previous bolt-ons to the platform include veterinary clinic and pet salon operator Fuji Field, which J-Star bought earlier this year for an undisclosed amount.

Japan’s pet market is typically valued at around JPY1.4 trillion a year, with animal life expectancy rates considered higher than the global average due to more dogs and cats being kept indoors. Outside of JVCC, J-Star’s involvement in this space includes a 75% stake in Tokyo-based pet products seller Three Arrows, bought for JPY1.8 billion ($16.3 million) in 2012.

JVCC is backed by J-Star’s third buyout fund, which closed at JPY32.5 billion in April. The vehicle targets control and co-control investments in companies with valuations of JPY3-10 billion, typically writing equity checks of JPY1-3 billion.

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• Topics
• North Asia
• Consumer
• Buyouts
• Japan
• J-Star
• M&A