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Veterinary services group makes three acquisitions

Written by News Desk

Wednesday, 19 December 2007

CVS, the Norfolk headquartered veterinary services group, has announced three single site practice acquisitions located in Kidsgrove in Staffordshire, Fleet in Hampshire and Doncaster. The practices achieved aggregate EBITDA of £276,000 on turnover of £1.99m for their respective latest financial reporting periods. The consideration, which is not being disclosed for reasons of commercial sensitivity, is being satisfied wholly in cash. The acquired practices employ a total of 10 vets bringing the Group total to almost 300. CVS chief executive, Simon Innes, said: “Each of these three practices enjoys a strong reputation for clinical care and we look forward to developing an excellent long term relationship with their respective teams.” The strongly acquisitive company has seen steady growth this financial year including a £93 million stock market floatation on AIM at the beginning of October. Five months into the current financial year and the CVS Board says it is delighted with its continued strong progress on all fronts. CVS started the year with 43 small animal practices operating from 120 surgeries and with one equine specialist practice and three veterinary diagnostic laboratories. In the period up to flotation in it acquired a further two small animal practices operating from seven surgeries. Since flotation it has acquired a further four small animal practices, including the three announced today, operating from six surgeries and employing 24 vets. A CVS statement read: “The company’s pipeline of potential acquisitions remains strong, assisted by the demographics which have now been prevalent in the sector for a few years. “We will remain focused on acquiring well established practices achieving excellence in terms of clinical care and where each practice employs at least three vets. The central services provided by the Group remain very attractive to vets, enabling individual surgeries to focus on clinical care. “Our organic growth continues to be firm and we are confident of achieving another year of significant progress in executing our strategy.”

 

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