Roll-up fears unfounded as IVC hits tight end of guidance

Animals 230x150
By Owen Sanderson
05 Feb 2019

Concerns about a rapid debt-fuelled acquisition spree by UK and European veterinary group IVC left some investors reluctant to subscribe for its loans, particularly after a profit warning from another group in the sector. But fears proved unfounded as the deal was allocated at the tight end of guidance by Thursday.

The chain, owned by EQT Partners, was looking to refinance its whole capital structure, following rapid expansion through the acquisition of new clinics. It plans to keep buying between 260 and 280 clinics a year through to 2022, according to S&P.

IVC’s new financing was announced to include ...

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