Sovereign-backed CVS acquires 34th surgery

CVS (UK) Limited, one of the UK's leading small animal veterinary services groups, backed by Sovereign Capital, has acquired its 34^th surgery through its purchase of the Bridge Veterinary Group in Middlesbrough. The group now numbers 20 veterinary practices (some with more than one surgery), two state-of-the-art diagnostic laboratories and the UK's leading small animal cardiology and ophthalmology referral centre in Canterbury.

Sovereign Capital, the independent UK lower mid-market private equity investor, originally backed CVS in 1999 with a £5.2 million equity investment. Since then, CVS has implemented a successful buy & build strategy and Sovereign has recently provided an additional £1.8 million equity investment to fund this and future acquisitions. The company's turnover is forecast for £20 million in the current financial year.

CVS is led by Chief Executive Simon Innes, who previously built high street retailer Vision Express into a £220 million turnover business after its acquisition by Grand Optical.

He commented: "We are delighted that the Bridge Group is now part of the CVS group. We are seeing significant growth and continue to look for opportunities to acquire quality operators. There are over 3000 independent veterinary practices in the UK and we believe there is scope for considerable consolidation in the market. Our focus is on providing the best services to vets, their clients and animals under our care and we look forward to bringing our services to further areas of the UK.

Peter Brooks, Managing Partner, Sovereign Capital added: "CVS is an excellent example of a business for which buy & build is the right strategy for growth. We are very pleased to be able to support CVS in its acquisition and consolidation strategy, which is creating a pre-eminent national chain of professionally run veterinary practices."