Jamieson advises the management team of Independent VetCare on its change of ownership from Summit Capital Partners to EQT.
The transaction represented a tertiary buyout for management following the sale from August Private Equity to Summit Capital in 2014 and was a highly competitive process with a mix of both private equity and trade parties competing to back management in the next phase of the Company’s growth.
IVC is the UK’s largest privately held veterinary services provider and has grown quickly both organically and through acquisitions since it was established in 2011. It now comprises over 290 sites and also operates an online pet pharmacy. Summit Partners acquired a majority stake in the business in 2014 and has fully exited the investment as part of the transaction.
“Stuart and his team provided us with expert advice throughout a very complex process, providing us with the information, analysis and time to appreciate the key issues and reach the right decisions. Our entire management team felt supported and informed”
David Hillier, CEO
The Jamieson team, led by Stuart Coventry, Ross Wheeler and Gus Gayford, advised the IVC team throughout the process on the creation of a new management incentive scheme and their reinvestment alongside EQT in a new company (Newco) set up for the purpose of making the transaction.