CVS Group plc
28 November 2007
For immediate release 28 November 2007
CVS Group plc
('CVS' or 'the Group')
Acquisition of Petmedics
First acquisition since October Flotation on AIM
CVS, one of the UK's leading providers of veterinary services, is pleased to
announce the acquisition of Manchester based Petmedics Limited. Founded in 1998,
Petmedics is a well established large practice operating from three surgeries
and employing 14 vets. The team, headed by Tony Buxton, will remain with the
practice.
In the year ended 30 September 2006 Petmedics made EBITDA of £244,000 on
turnover of £2.786m. The consideration, which is not being disclosed for reasons
of commercial sensitivity, is being satisfied wholly in cash.
Commenting on the acquisition, CVS Chief Executive Simon Innes said 'We welcome
the Petmedics team to CVS. As one of the larger and most established practices
in the sector enjoying a very strong reputation for clinical care, it will be an
excellent partner for CVS.'
Contact:
CVS Group plc 01379 644 288
Simon Innes, Chief Executive
Paul Coxon, Finance Director
Buchanan Communications 0207 466 5000
Richard Oldworth, Suzanne Brocks
Notes to Editors:
• CVS floated on AIM in October 2007 with a market capitalisation of
£105.7m. At 27 November 2007 it was capitalised at £125.0m.
• Based in Diss, Norfolk, the Group operates two divisions:
o the practice division comprising 46 small animal practices operating
from 130 individual surgeries throughout the UK and one equine specialist
practice.
o the diagnostic division made up of three veterinary diagnostic
laboratories which provide services to both CVS and third parties.
• At flotation CVS employed 1,214 staff, including 271 vets.
• The provision of central services by the Group enables individual
surgeries to focus on clinical care. The services provided bring cost and
revenue synergies to the Group as a whole when compared to operating as
individual practices.
This information is provided by RNS
The company news service from the London Stock Exchange
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