Team secures deal in retirement sale

Background

Woodward Veterinary Practice is a single-site small animal practice situated in Ashby-de-la-Zouch, Leicestershire. With a history dating back to 1852, it is one of the longest-established veterinary practices in the East Midlands area, employing around 35 staff. The practice operates from bespoke modern premises, and offers a range of comprehensive veterinary services, including in-house, out-of-hours emergency cover for patients based across Leicestershire and Derbyshire areas.

Action

Our Corporate Finance team was instructed by the shareholders to act as lead advisers, and to explore a potential retirement sale that would allow the shareholders to exit the business. We assessed the range of options with the board and utilised their experience of successfully selling practices within the small animal sector, before drafting a comprehensive information memorandum that highlighted the numerous growth and synergy opportunities for the right strategic buyers. The team led the transaction and secured five offers, before selecting the preferred bidder and negotiating an attractive cash deal that surpassed the shareholders’ expectations.

Outcome

Our Corporate Finance team secured the sale of Woodward Veterinary Practice Ltd to The Linnaeus Group, one of the UK’s market leaders, which operates from approximately 165 sites across the country, employing around 3,000 people. Linnaeus was acquired by Mars Petcare, and now operates alongside other Mars Petcare veterinary businesses including AniCura, VCA, Banfield Pet Hospital, Bluepearl and Pet Partners.