The deal

FRP Corporate Finance advised management and Animalcare Group plc, the international animal health business, on the sale of York-based Identicare Ltd, to FTSE 250-listed private equity firm Bridgepoint.

Identicare, the UK’s leading pet protection company, was separated from the UK pharmaceuticals business within Animalcare in March 2021. Identicare offers pet protection services to cover pets in the event they are lost, missing or stolen, alongside running the UK’s oldest and largest integrated microchip sales and pet registration database providing individual animals with a digital ID that combines their microchip record and private keeper details.

The deal will see Bridgepoint acquire a majority stake in the firm, allowing Animalcare Group to accelerate organic and inorganic growth initiatives in the pharmaceutical-based animal health market. Identicare CEO, Robert Diamond, will continue to lead the business alongside Bridgepoint into the next phase of growth.

Led by Mark Farlow, Ed Shurville-Darlington, and Olivia Norris, FRP Corporate Finance’s London team was appointed to manage all stages of the sale process from document preparation through to negotiating the transaction on behalf of the shareholders and managing the due diligence process to an efficient close.

Mark Farlow, Partner at FRP Corporate Finance in London, said: “This deal enables Animalcare to crystallise value on a non-core asset and will allow it to pursue its strategic priorities whilst propelling Identibase into a new phase of growth.

“This transaction is reflective of the broader trends we are currently seeing in the market. A boom in demand during the pandemic has strengthened an already robust sector that is becoming increasingly appealing for private equity firms looking to invest.”

Jenny Winter, Chief Executive Officer at Animalcare, said: “I’m very proud of what we have achieved with Identicare in recent years. This deal represents the logical next step, significantly strengthening our balance sheet and giving us additional financial flexibility and firepower as we concentrate on growing our pharmaceutical-focused animal health business.

“Supported by FRP as an advisor, we were able to evaluate a number of options for Identicare. The FRP team ran a very professional process utilising their experience and networks to help us crystallise significant value for Animalcare and our shareholders.”