A Swindon-founded veterinary group is planning to build four more clinics along the M4 after securing £4m.
Vet’s Klinic received the investment from Mobeus - a London equity firm that invests between £2m and £15m into UK SMEs.
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 of Vet’s Klinic.
Laura Shears, Vet’s Klinic managing director, 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.”
According to the Pet Food Manufacturers’ Association, pet ownership in the UK increased during the pandemic, with 3.2 million households adopting a pet since March 2020.
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.”
Vet’s Klinic was advised by law firm Osborne Clark and James Cowper Kreston Corporate Finance.
Mobeus was advised on the financial aspects of the deal by PKF Francis Clark. The transaction support team at PKF Francis Clark included Sam Phillips, Tom Slade and Adam Kefford.
Sam Phillips, transaction services director at PKF Francis Clark, added: “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.”
Mobeus was also advised by Mansfield Advisors on the commercial aspects of the deal, by Boyes Turner on legal, and Stratton HR on management.
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