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Vet’s Klinic, the state-of-the-art veterinary practice, has secured a £4 million growth capital investment from Mobeus.
Since opening its first veterinary centre in Swindon in 2012, Vet’s Klinic has seen strong, growing demand for its services.
Pet ownership in the UK increased during the pandemic, with 3.2 million households adopting a pet since March 2020. The rise of pet parenting, where the pet is treated like one of the family, a recognition of the mental health benefits and an enduring shift to more flexible working patterns suggest this trend will continue.
To meet demand, Vet’s Klinic will use the funding to roll out a further four ‘Super Klinics’ along the M4 corridor, creating a regional group of practices.
The investment was led for Mobeus by investment manager Rowan Grobler, who worked with partner Trevor Hope on the deal. Simon Bursell, Mobeus portfolio director, will join the board. The core of the management team, led by MD Laura Shears, FD Juliet Silvester and director of veterinary services Adrian Caunter, has a good blend of clinical skill and commercial acumen. Richard Penston, a proven non-executive chairman who is well known to Mobeus, provides strategic guidance, operational experience and stability.
Laura Shears, Vet’s Klinic MD, said: “With Mobeus’s partnership, we are really excited to bring our expert veterinary services, cutting edge technology and transparent approach to a much wider group of pets and their owners.”
PKF were able to quickly differentiate the value drivers within the business to help pinpoint the growth opportunities.
Rowan Grobler, Mobeus investment manager, said: “More families have pets – and those pets are more like one of the family – than ever before, driving demand for trusted, high quality veterinary care. With its market-differentiated service delivered through technology, high proportion of well-paid nurses and low staff turnover rates, Vet’s Klinic is well positioned to respond to demand, specifically in regional towns and cities with a small number of vets.”
Mobeus was advised by PKF Francis Clark (financial), Mansfield Advisors (commercial), Boyes Turner (legal) and Stratton HR (management). The company was advised by Osborne Clark (legal) and James Cowper Kreston Corporate Finance.
The Transaction Support team at PKF Francis Clark, comprising Sam Phillips, Tom Slade and Adam Kefford, provided financial and tax due diligence services on behalf of Mobeus to support their investment in Vet’s Klinic.
Sam Phillips, transaction services director at PKF Francis Clark, said: “With this investment and ongoing support from Mobeus, Vet’s Klinic is well placed to grow its share of the expanding veterinary services market.
“We were delighted to meet the tight deadlines to enable this transaction to complete in relatively short order, working closely with both Vet’s Klinic and Mobeus to deliver a focused due diligence report.”
Rowan added: “The PKF Francis Clark team identified the key points in a short timeframe and delivered helpful insights to assist us in approving and executing this exciting investment. PKF were able to quickly differentiate the value drivers within the business to help pinpoint the growth opportunities.”
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