AniCura

AniCura is a leading operator of companion animal hospitals and veterinary clinics

About the company

AniCura is a family of well-known animal hospitals and clinics specialised in veterinary care for companion animals. Born out of the idea that sharing resources creates opportunities for better veterinary care, the company was established in 2011 as the first merger of companion animal hospitals in the Nordic region. Today, AniCura is a role model within specialised veterinary care and a valued partner for pet owners and referring veterinarians across Europe.

AniCura offer a wide range of high quality medical services covering preventive and basic health care as well as advanced diagnostics, internal medicine, intensive care, surgery and orthopaedics.

AniCura provides modern, high quality veterinary care for pets at 200 European locations and creates peace of mind for pet owners through excellent access and patient safety. Every year, 4,000 passionate veterinary professionals attend to more than two million companion animal patients.

AniCura is today present in Sweden, Norway, Denmark, Germany, the Netherlands, Austria and Switzerland.

Breakdown

Year of formation: 2011

Exit: 2018

Sales: SEK 2.9 bn

Number of clinics: 200

Treated patients (annually): 2,000,000

Number of employees: 4,000

Investment Case

AniCura was created in November 2011 when Fidelio enabled the merger between Regiondjursjukhuset i Stockholm, Västra Djursjukhuset i Göteborg och Falu Djursjukhus (three leading veterinary hospitals in Sweden). The merger was the first of its kind in the Nordic region and created a leader in veterinary care in Sweden. The market for veterinary care was at the time fragmented and between 2011 and 2014 Fidelio acquired in total 60 hospitals and clinics in Sweden, Norway and Denmark. The fast pace of acquisitions was enabled by the development of a highly efficient acquisition process in combination with the management team building up a strong corporate infrastructure in order to support a high growth and enabling the expansion into new geographies.

The merger of clinics and hospitals within AniCura enabled increased professionalisation through (inter alia): knowledge sharing between clinics, centrialised corporate functions, more efficient care processes and increased investments in advanced equipment. With a significant focus on coordinated education efforts and an increased specialisation opportunities for the staff, AniCura rapidly became an attractive workplace for both veterinarians and nurses. That way, for every year since inception the growth of AniCura has outpaced the general market.

In August 2014, Fidelio divested part of its holding in AniCura to Nordic Capital, which became the new majority shareholder. Fidelio remained as a significant shareholder and has been continuously active in the Group’s development through, among other things, board representation and assistance with add-on acquisitions. In June 2018 an agreement was made to sell AniCura to Mars Petcare, a leading player in animal health and veterinary medicine. The sale represents the first time Fidelio fully divested a shareholding in one of its investments.

AniCura is today present in seven countries and has revenues of around SEK 2.9 billion.

Acquisitions
Completion of 34 acquired entities corresponding to 60 clinics in Sweden, Norway and Denmark

Centralized procurement
Centralized procurement with group discounts with significant gross margin improvement for new group members (average 4% margin increase)

New profile
Launch of a new brand, logo, graphic profile and web portal. Development of joint marketing material and efforts

Partner program
Acquisition and development of partner program, VetFamily, for clinics outside of the AniCura group

New team
Appointment of a management group with a new CEO, CFO, COO, Head of HR, Marketing, Business Development, IT, M&A as well as business area managers

Aligned incentives
Broad co-investment programme for all employees to align incentives across the Group