Whilst we have acquired many veterinary practices, we had not experienced a sale process before. We found the advice and guidance from Momentum to be first class. We felt that the level of senior resource Momentum provided was key to achieving an excellent outcome for the shareholders and also the business. In particular, Momentum fully understood and articulated the strategic value within our business. They delivered on their promises and we would have no hesitation in recommending them to shareholders considering a sale of their business.
Richard Killen, Founder of Highcroft
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Momentum Corporate Finance announces the successful completion of its most recent transaction, advising the shareholders of Highcroft Pet Care Limited (“Highcroft”) on its sale to CVS Group PLC (“CVS”), for a total consideration of up to £12 million.

Highcroft is one of the UK’s leading independent small animal veterinary groups. Established in 1982, the business operates an integrated practice based around a state-of-the-art multi-disciplinary referral hospital located in Bristol and thirteen surrounding first opinion surgeries. Highcroft employs a highly experienced team of approximately 220 staff in total, including 50 professional vets and five diploma holders.

Highcroft’s Bristol Hospital is one of the most advanced treatment facilities in the UK, offering a comprehensive range of services, including the treatment of many exotic species. It is the only independent specialist referral hospital of scale based in the South West of England and is accredited with the highest practice standard by the Royal College of Veterinary Surgeons.

The acquisition is strategically important for CVS, the UK’s leading provider of integrated veterinary services, bringing CVS its first significant presence in the Bristol area, a large market where it currently has few surgeries. CVS will continue to develop and grow the Highcroft business to optimise its potential.

The business reported EBITDA for the 12 months to 31 January 2015 of £0.5 million on sales of £7.3 million. The consideration of £12 million includes £1 million of deferred consideration payable to Highcroft based on the achievement of revenues in the year to 31 January 2017.
We are delighted to have advised the shareholders on the sale of Highcroft. CVS represents an excellent and supportive owner of the business going forward. The strategic fit between the two businesses is compelling.
Rob Crews, partner at Momentum Corporate Finance
Our specialism is in providing best long term advice to entrepreneurial owners of successful businesses – whether they are considering trade exits or management buy outs. As such we thoroughly enjoyed working with the team at Highcroft to help deliver this transaction, and wish the team continued growth and success within CVS.
Alastair Boorman, partner at Momentum Corporate Finance