VETONE acquired by IVC EVIDENSIA
Context
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.
VETONE, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average currently observed in the Healthcare & Pharma sector (14.3x).
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Target
Founded in 2013 by Steve Rosengarten, VetOne is a high-growth operator of veterinary clinics in France. At the time of the deal, the group managed a network of 51 clinics, following an aggressive acquisition strategy of 2 to 3 clinics per month. The company serves as a strategic consolidation platform in the fragmented French veterinary market.
Ent. Value
€100–350M
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
15x–25x
EV / EBIT
[members only]
Historical Financials (EUR)
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|---|---|---|---|---|
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| 11/2021 | CERBA HEALTHCARE | LABEXA | FRANCE | Labs (Biology) |
| 10/2021 | ARES / BPIFRANCE | POINT VISION | FRANCE | Ophthalmology |
| 10/2021 | THE CRANEMERE GROUP | OUTPATIENT IMAGING AFFILIATES | UNITED STATES | Radiology |
| 09/2021 | LIVINGBRIDGE | EVERLIGHT RADIOLOGY | UNITED KINGDOM | Radiology |
| 08/2021 | COLOSSEUM DENTAL GROUP | CURAEOS | NETHERLANDS | Dental Centers |
| 07/2021 | WREN HOUSE | ALMAVIVA SANTÉ | FRANCE | Clinics / Hospitals |
| 07/2021 | OMERS | AMEDES | GERMANY | Labs (Biology) |
| 07/2021 | EQT PARTNERS | MEINE RADIOLOGIE | GERMANY | Radiology |
| 07/2021 | EQT PARTNERS | BLIKK GROUP | GERMANY | Radiology |
Other operations with IVC EVIDENSIA
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2021 | SILVER LAKE / NESTLE | IVC EVIDENSIA | UNITED KINGDOM | Vet Clinics |
REFERENCES
Valuation range: EV €100–350M
Revenue range: €50–100M
EBITDA range: €5–25M
EV/Revenue range: 2x - 6x
EV/EBITDA range: 15x - 25x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of VETONE by IVC EVIDENSIA are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.