Mon, 18 Sep 2023 | BUSINESS SALE
Bristol-based Premier Veterinary Group (PVG) says it is exploring a range of strategic opportunities including a possible sale as it seeks to capitalise on market opportunities. The company, which delisted its ordinary shares from the London Stock Exchange’s Main Market three years ago, says it has since delivered its objective of developing and growing the business.
The company stated that there had been “significant change” in the pet healthcare industry over recent years and that it is seeking to take advantage of the "significant market opportunity within its existing geographies" and to accelerate its entry into new markets.
In order to achieve this, PVG’s board of directors is undertaking a formal review of its strategic options. Potential options include, but are not limited to, a sale of the business’ entire issued and to be issued share capital.
PVG Chief Executive Dominic Tonner said: "Veterinary groups are increasingly in the spotlight from regulators, the public and veterinarians with differing perceptions around the benefits of sector consolidation.”
"As a result, veterinary groups are having to redouble efforts to further demonstrate the high quality of care to pets and service levels to pet parents actually enabled by corporate investment.”
"At the same time, given the increasing cost of capital and greater regulatory scrutiny making M&A growth challenging, veterinary groups and independents are also looking at ways to drive better organic revenue growth to support their long-term investment plans."
Tonner said that the firm’s strategic review would “explore how we can maximise long term value for our existing shareholders and help take PVG to the next level." He added that, should the review result in a sale of the business, the firm would seek a partner “who can support us both to accelerate our domestic and international growth, and to continue to invest in our proprietary platform and the development of our service offering."
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