Sovereign Capital's CVS continues expansion

Sovereign Capital-backed CVS (UK) Limited, one of the UK's leading small animal veterinary services groups, continues its growth with the acquisition of Firstvets Ltd, a profitable practice with eight surgeries in Newcastle, Durham, the West Midlands and Glasgow. This brings the number of surgeries and diagnostic centres owned and run by CVS to 44.

Sovereign Capital, the independent UK lower mid-market private equity investor, originally backed CVS in 1999 and has invested a total of £7 million of equity to support growth.  CVS has implemented a successful buy & build programme, acquiring 22 practices and laboratories. The group's turnover is forecast to be £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.  Commenting on this latest acquisition he says: "Our success is largely due to our belief that vets prefer to focus on clinical practice, rather than on the administrative burdens and systems of running a business; that said, we have four vets on our management board to provide their perspective on the direction of the group.  With over 3000 independent veterinary practices in the UK, there is continuing scope for consolidation in this market. Our focus is on providing the best services to vets, their clients and the animals in our care and we look forward to expanding our services further throughout the UK.

Kevin Whittle of Sovereign Capital added:

"CVS is an excellent example of a business for which buy & build, a strategy Sovereign deploys across its investments, is absolutely the right route to growth. We are delighted to support CVS in its expansion and its objective of creating a pre-eminent national chain of professionally-run veterinary practices."