IVC EVIDENSIA
Acquired by
SILVER LAKE / NESTLE
IVC EVIDENSIA acquired by SILVER LAKE / NESTLE
Target
IVC EVIDENSIA
Acquirer
SILVER LAKE / NESTLE
Context
Silver Lake and Nestle led a EUR3.5 billion capital investment in IVC Evidensia, significantly increasing the group's valuation. The deal allowed EQT VII to partially exit its position, while EQT IX reinvested to remain the majority shareholder. The transaction served as a private alternative to a previously considered IPO. Silver Lake's entry is designed to accelerate the group's digital transformation, while Nestle's increased stake facilitates deep collaboration between veterinary clinical care and nutritional science. This "pet-tech" and "pet-health" convergence aims to create a data-driven ecosystem for pet owners, enhancing diagnostic accuracy and tailored health solutions across IVC's pan-European network.
IVC EVIDENSIA, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 12.8x average currently observed in the Healthcare & Pharma sector.
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Target
IVC Evidensia is Europe s leading veterinary care provider and one of the world s largest animal healthcare networks, operating across more than 20 countries. The group functions through a decentralized operational model that preserves local clinical independence while providing the benefits of a large-scale international support infrastructure. Its network encompasses primary care practices, 24/7 emergency clinics, and advanced specialist referral centers. Beyond clinical medicine, the group integrates a holistic ecosystem of services, including veterinary telemedicine, specialized nutrition, and pharmaceutical distribution.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with IVC EVIDENSIA
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 10/2021 | IVC EVIDENSIA | VETONE | FRANCE | Vet Clinics | IVC Evidensia acquired VetOne in a preemptive move to consolidate its leadership in the French market. The deal successfully bypassed a planned auction process due to a high-premium offer. The transaction provided an exit for VetOne's shareholders, including the founder, practicing veterinarians, and various private investors. The strategic rationale was to integrate VetOne's 51 clinics with IVC's existing French footprint, creating a dominant national player. The investment thesis is supported by low market consolidation in France and significant upside in ancillary services such as pet insurance, specialized medication, and premium pet food sales. |
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