CVS enters Australian veterinary market
CVS is entering the Australian market with the initial acquisition of four veterinary practices.
Its first practices are in Brisbane and Sydney. They are high quality facilities with great people, and a fantastic environment consistent with CVS’ purpose to give the best possible care to animals.
On 10 July 2023, the Group signed four separate sale and purchase agreements for the conditional acquisitions of four independent small animal first opinion veterinary practices in Australia (comprising six sites) namely:
- McDowall Veterinary Practice, a nine-vet single site practice in McDowall, Brisbane, Queensland;
- Northgate Veterinary Surgery and St Vincents Vets, a five vet two site practice in Brisbane, Queensland;
- Warner Vet, a four-vet single site practice in Cashmere, Queensland; and
- Southside Animal Hospital, a six vet two site practice in Sydney, New South Wales.
On 26 July 2023, the Group completed the acquisitions of McDowall Veterinary and Warner Vet Practices, with the remaining two acquisitions expected to be completed shortly.
These four acquisitions are the first of a number of planned Australian practice acquisitions, which CVS expects to announce in the coming months. The Group has identified a strong pipeline of opportunities and its focus will be on acquisition opportunities in major urban conurbations, including Sydney, Melbourne, Brisbane, Perth, Canberra, Newcastle and Adelaide.
The Group has established an Australian-based senior management team to support acquired practices and continue to develop the pipeline of new acquisition opportunities. This team includes a highly experienced operations director with seven years’ service at CVS on secondment from its UK veterinary practice division, and an acquisitions director with extensive experience of the Australian veterinary market. Members of the CVS executive committee will also continue to spend appropriate time in Australia to support the establishment of our new operations.