BPEA EQT acquires Australia's VetPartners
BPEA EQT has agreed to acquire VetPartners, operator of Australia and New Zealand’s largest network of pet clinics and hospitals, from National Veterinary Associates (NVA).
The size of the deal was not disclosed, but local media put the valuation at approximately AUD 1.4bn (USD 900m), based on an annual EBITDA of AUD 131m. NVA reportedly decided to sell the business to strengthen its balance sheet ahead of a potential IPO.
NVA is a US-based global platform that consolidates veterinary practices. It generates USD 6bn in annual revenue primarily from Ethos Veterinary Health, a chain of 145 speciality veterinary hospitals, and NVA, which owns approximately 1,400 general veterinary practices as well as equine hospitals and pet resorts.
VetPartners was founded in 2016 and now comprises more than 260 clinics and hospitals in Australia and New Zealand that employ over 4,300 staff, including 1,300 vets. The company, which receives more than 3.2m visits per year, also has a growing presence in Singapore. It grew substantially in 2020 through the AUD 325.5m acquisition of Australia-listed National Veterinary Carre.
BPEA EQT has committed to investing in the latest medical equipment, digital tools, and innovation capabilities. It will also support recruitment initiatives, enhanced training, and professional development and mental health programmes for staff, according to a statement.
“Together, we will continue to be an advocate for the advancement of the veterinary profession, fostering a collegiate community of professionals delivering the highest-quality healthcare services to pet parents in the region with a common mission to improve the comfort and well-being of animals,” said Mark Jeffrey, CEO of VetPartners.
BPEA EQT is investing through its eighth pan-Asian buyout fund, which closed on USD 11.2bn in September 2022. Following this transaction, the vehicle will be 35%-40% deployed.
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