Mubadala invests $497 million in Europe’s top veterinary care provider
The state wealth fund said its investment in IVC Evidensia aligned well with its focus on investing in market leading consumer businesses in resilient and growing sectors
Abu Dhabi’s sovereign investor Mubadala announced on Sunday that it had invested $497 million in IVC Evidensia, Europe’s largest veterinary care provider.
The state wealth fund, which manages a global portfolio of $243.4 billion across multiple sectors and asset classes, said its investment in IVC Evidensia aligned well with its focus on investing in market leading consumer businesses in resilient and growing sectors.
Justin Sabet-Peyman, head of consumer at Mubadala, said the state fund is excited to be partnering with EQT, Silver Lake, Nestlé and IVC’s world-class management team to help drive the company’s continued leadership and innovation in pet care.”
Headquartered in Bristol, UK, IVC Evidensia operates a network of more than 1,500 veterinary clinics and hospitals in 12 countries across Europe caring for over four million pets. Founded in 2011, the company operates a decentralized model that promotes innovation and clinical freedom within its network, supported by a range of integrated services such as procurement, veterinary advisers and clinical boards.
Mubadala’s investment in IVC Evidensia joins its growing global portfolio of world-class consumer businesses, including Reliance Retail Ventures Limited, Coupang and Truck Hero. Within the consumer sector, Mubadala focuses on investing in businesses led by strong management teams with leading positions in attractive markets with strong tailwinds.
Mubadala’s assets under management (AUM) in 2020 reached Dh894 billion up from Dh853 billion in 2019. Last year, Mubadala invested Dh108 billion of capital across various sectors. Those included Dh 4.3 billion in Jio, a leading Indian telecom company owned by Reliance Industries; Dh2.7 billion in Silver Lake, a leading global technology investor; Dh3.0 billion in Reliance Retail, one of India’s fastest growing consumer companies; Dh 2.2 billion in PCI Pharma, a leading global pharma services supplier; and Dh 7.5 billion through partnerships with CVC, Citadel, iSquared Capital and Apax Partners.
According to its report for 2020, 34 per cent of its portfolio is comprised of direct and indirect investments in private equity, with 29 per cent in public markets and 14 per cent in real estate and infrastructure, among others
IVC Evidensia is widely recognized for pioneering new standards both for clinical excellence and staff wellbeing within its sector. IVC was originally acquired by EQT Private Equity in December 2016 and in May 2017 it merged with Evidensia, the Swedish veterinary group. Since then, the company has further strengthened its position as Europe’s leading veterinary services provider through strong organic growth and strategic add-on acquisitions.
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