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2016-12-09

EQT AB: EQT VI acquires Independent Vetcare from Summit Partners

· EQT VI has signed an agreement to acquire Independent Vetcare
Limited (IVC), the third largest vet services provider in the UK,
from Summit Partners

· EQT VI will support IVC through both organic and acquisitive
growth opportunities under the leadership of CEO David Hillier

Run by and for vets, IVC was founded in 2011 through the merger of
three veterinary groups, and has since grown rapidly through organic
growth as well as a large number of add-on acquisitions. Today, IVC
is the largest privately owned vet services platform in the UK with
more than 290 sites and an online pet pharmacy. The company is
primarily focused on first opinion care, complemented by referral
hospitals, and operates a decentralized model promoting clinical
freedom balanced with integrated support functions such as
procurement, veterinary advisors and clinical boards. With its
vet-friendly culture and reputation for clinical excellence, IVC has
quickly grown into an organization of approximately 2,700 people,
including 800 veterinarians.

David Hillier, CEO of IVC says: "I am very proud of what we have
achieved so far in IVC and we are all excited by what the future now
holds. IVC has benefitted greatly from Summit's deep experience in
healthcare services and in scaling dynamic organizations like ours.
EQT will enable us to continue to develop the group, to increase
investment in our people and facilities and empower us to build the
premium veterinary group in Europe. We will continue to focus on the
values which are dear to us: Teamwork, transparency, client
satisfaction and clinical excellence. In EQT we have a partner who
shares these values and brings a wealth of experience in veterinary
care and associated fields. We are excited to partner with EQT for
the journey ahead."

Thomas Tarnowski, a Principal based in Summit Partners' London office,
who has served on the IVC Board of Directors since the firm's
investment in 2014, comments: "It has been an honour to work
alongside David Hillier and the entire IVC team as they carried out
their vision of creating a vet-friendly culture that enables practice
owners to maintain clinical autonomy, while gaining the benefits of
joining a larger organization. We are delighted to transition IVC to
EQT for the next phase of the company's growth."

Per Franzén, Partner at EQT Partners, Investment Advisor to EQT VI,
says: "We are very impressed by IVC and the leading position that
management has built in the UK market thanks to its passion for
veterinary care. EQT's strong expertise and deep vet services sector
experience from Evidensia, alongside EQT's industrial network, will
support IVC's further growth and development of a veterinary group
which keeps decision-making in the hands of the clinician."

The transaction is expected to close in early 2017. The parties have
agreed not to disclose the transaction value.

Contacts:

Per Franzén, Partner at EQT Partners, Investment Advisor to EQT VI,
+46 8 506 554 48

Kerstin Danasten, EQT Press Contact, +46 8 506 55 334

Susan Barr, Summit Partners, Vice President of Marketing, +617 824
1026

About EQT

EQT is a leading alternative investments firm with approximately EUR
31 billion in raised capital. EQT Funds have portfolio companies in
Europe, Asia and the US with total sales of more than EUR 15 billion
and approximately 100,000 employees. EQT works with portfolio
companies to achieve sustainable growth, operational excellence and
market leadership.

More info: www.eqtpartners.com
(http://mandrillapp.com/track/click/30911255/www.eqtpartners.com?p=eyJzIj...)

About IVC

IVC is the largest privately owned vet services platform in the UK
with more than 290 sites and an online pet pharmacy. IVC employs
approximately 2,700 FTEs, including 800+ FTE veterinarians.

More info: www.independentvetcare.co.uk

About Summit Partners

Summit Partners is a global growth equity firm that is currently
investing more than USD 7.2 billion into equity and fixed income
opportunities. Summit has invested in more than 440 companies in
healthcare, life sciences, technology and other growth sectors. These
companies have completed more than 140 public offerings, and more
than 165 have been acquired through strategic mergers and sales.
Summit maintains offices in North America and Europe, and invests in
companies around the world.

More info: www.summitpartners.com

In the United States of America, Summit Partners operates as an
SEC-registered investment advisor. In the United Kingdom, this
document is issued by Summit Partners LLP, a firm authorized and
regulated by the Financial Conduct Authority. Summit Partners LLP is
a limited liability partnership registered in England and Wales with
registered number OC388179 and its registered office is at 20-22
Bedford Row, London, WC1R 4JS, UK. This document is intended solely
to provide information regarding Summit Partners' potential financing
capabilities for prospective portfolio companies.

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http://news.cision.com/eqt-ab/r/eqt-vi-acquires-independent-vetcare-from...

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