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J-Star acquires Forpets in latest pet bolt-on

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Japan’s J-Star has acquired 100% of domestic veterinary services company Forpets as a bolt-on of existing portfolio company JVCC. It is JVCC’s third such transaction this year.

According to a statement, Forpets will operate two veterinary clinics and one pet salon in Tokyo as a part of JVCC. Veterinarians Takanori Sato and Ryuta Kondo, both founders of Forpets, will also continue to serve the company. Financial details were not disclosed.

The deal extends J-Star’s strategy to consolidate Japan’s fragmented and decentralized pet industry. Earlier this year, JVCC realized bolt-ons of both Fuji Field and VIS Corporation. Outside of JVCC, J-Star’s work in this space includes the acquisition of a 75% stake in Tokyo-based pet products retailer Three Arrows for JPY1.8 billion ($15.8 million) in 2012.

JVCC was invested 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.

Japan is considered to have higher pet life expectancy rates than the global average due to more dogs and cats being kept indoors. The local pet market has been estimated to value as much as JPY1.4 trillion a year.

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