![]() Its parent, California headquartered National Veterinary Associates, is the largest private owner of freestanding veterinary hospitals in the United States. 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. ![]() 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 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. 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.Ĭlearly, the rapid-fire deadlines haven’t deterred deep-pocketed buyers. 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. The two firms are undoubtedly the big dogs in the auction, although there are suggestions Permira Private Equity is also interested. Sources said EQT has also bankered up for the auction, with fingers pointing to Morgan Stanley as its adviser. Street Talk can reveal Pan-Asian private equity investor, Affinity Equity Partners, has hired Macquarie Capital’s bankers to steer it through VetPartners’ fast-track auction being run by Jefferies with expectations of a circa $1.4 billion sale.Īffinity, which recently stocked up its local team with Mark Chudek from Quadrant Private Equity and Nick Speer from The Riverside Company, would have a $US6 billion fund raised earlier in the year to draw upon should it emerge as the winning bidder at VetPartners.īut first, it would have to fight off Swedish private capital giant EQT Partners, which arrived nice and early, and with plenty of overseas experience in pets and vets assets. Jefferies highlights VetPartners “successful M&A track-record resulting in 228 clinics acquired since 2016”. There’s a dog fight brewing at up-for-grabs veterinary chain VetPartners.
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