Travers Smith advises founders, Inflexion and other shareholders on the sale of Medivet to CVC Capital Partners VIII

Overview

Travers Smith LLP has advised an investment vehicle backed by the founders, longstanding client Inflexion and all other shareholders, on the sale of Medivet Group Holdings Limited ("Medivet") to CVC Capital Partners VIII.

With over 350 branches in the UK, Medivet is a leading provider of veterinary care, delivering a full spectrum of small animal health services including routine check-ups, 24/7 emergency care, lab & diagnostics and advanced surgery to companion pets across the country. The company has also recently expanded with operations in Germany and Spain, with c.50 sites in Europe in partnership with local founders.

Deirdre Burns, CEO of Medivet said in respect of the transaction: “I am delighted that CVC has backed Medivet and our management team to fuel and support our ambitions and growth plans for the UK and Europe, and we look forward to working together to bring them to fruition. Over the last 34 years, our Central Partners, Branch Partners and all our people have worked hard to build an outstanding business, centred on delivering exceptional care and service to our patients and clients. In the last few years, the management team have built upon these foundations, transforming the professionalism of our functions and operation, and we are primed to continue our expansion – both in market presence and in the depth of our clinical care, service and expertise.”

The Travers Smith team was led by Private Equity & Financial Sponsors Partners Tom Hartwright and Lucie Cawood and Senior Counsel Joanna Roberts. They were supported by Senior Associate Matt Powrie, Associates Eric Van Winssen, Nikesh Arya and Caragh Jenkins and trainees Megan Law, Sian Whitby and Sarah Laing.

Travers Smith provided a broad range of specialist advice in connection with the transaction, including:

  • Tax advice provided by Tax Partner Simon Skinner with support from Senior Counsel Jonathan Woodall, Associates Lewis Currie and Aimee Hutchinson.
  • Competition advice provided by Competition Partner Stephen Whitfield with support from Senior Associate Ingrid Rogers and Associate Oliver Bates.
  • Real Estate advice provided by Partner Alex Millar with support from Senior Associates Catherine O'Driscoll and Tony Dosanjh.
  • Financial regulatory advice provided by Partner and Head of Financial Services and Markets Tim Lewis with support from Consultant Richard Everett and Associate Alice Hallewell.
  • Finance advice provided by Partner and Head of Finance Matthew Ayre with support from Senior Associate Will Sheridan and Associate Michael Leadbeater.
  • Commercial advice provided by Commercial, IP & Technology Partner James Longster with support from Senior Associate Michael Ross, Associate Sarah Robinson.
  • Employment advice provided by Employment Partner Alex Fisher with support from Senior Associate Sarah Baker and Associate Tom Hunt.
  • Environmental and regulatory advice provided by Partner and Head of Operational Risk and Environment Douglas Bryden with support from Associates Alexandra MacBean and Harrie Narain.

The transaction is expected to close in Q4 2021.  Freshfields (led by Vincent Bergin) advised CVC, DLA Piper (led by Tim Wright) advised Management and Addleshaw Goddard (led by Gemma Phillips and Nathan Pearce) provided shareholder advice to Inflexion.

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