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Pets at Home buys The Vet Connection for £15m
30th Nov 2020 07:25
(Sharecast News) - Pet care business Pets at Home said on Monday that it has bought The Vet Connection (TVC), the UK's largest independent veterinary telehealth provider, for £15m in cash.
Founded in 2002, TVC provides on demand, round-the-clock veterinary telehealth advice, triage and ancillary services to a wide range of customers and their pets. The business conducts around 90,000 remote consultations each year, underpinned by extensive proprietary clinical protocols, a wide range of communication channels and a robust and scalable infrastructure, Pets said.
In the year to April 2020, TVC achieved adjusted earnings before interest, tax, depreciation and amortisation of £0.7m.
Chief executive officer Peter Pritchard said: "The acquisition of TVC marks an important next step in the development of our digital capabilities providing trusted advice and even more convenient pet care services. We have followed their business for a number of years and know Jamie Moodie, Nick Irvine, Rob Mitchell and the TVC team well, and look forward to working with their current partners and supporting the continued development of their service.
"We recognise TVC's exceptional telehealth capabilities and excellent service levels, as well as the opportunities arising from the scalability of their clinical protocols and proprietary telehealth platform, and look forward to incorporating their capabilities into our existing customer offer - across product, services and subscriptions - to enhance the overall customer experience, and help drive customer acquisition, retention and lifetime value."
At 0910 GMT, the shares were up 1.5% at 429.98p.
Broker Shore Capital said: "In our view, this looks like a sensible bolt-on acquisition. The structural shift online and adapting to new ways of working given the Covid pandemic for the vets business. This acquisition will enhance Pets' capabilities and allow them given the scale of their vets business to further develop their digital capabilities."
Founded in 2002, TVC provides on demand, round-the-clock veterinary telehealth advice, triage and ancillary services to a wide range of customers and their pets. The business conducts around 90,000 remote consultations each year, underpinned by extensive proprietary clinical protocols, a wide range of communication channels and a robust and scalable infrastructure, Pets said.
In the year to April 2020, TVC achieved adjusted earnings before interest, tax, depreciation and amortisation of £0.7m.
Chief executive officer Peter Pritchard said: "The acquisition of TVC marks an important next step in the development of our digital capabilities providing trusted advice and even more convenient pet care services. We have followed their business for a number of years and know Jamie Moodie, Nick Irvine, Rob Mitchell and the TVC team well, and look forward to working with their current partners and supporting the continued development of their service.
"We recognise TVC's exceptional telehealth capabilities and excellent service levels, as well as the opportunities arising from the scalability of their clinical protocols and proprietary telehealth platform, and look forward to incorporating their capabilities into our existing customer offer - across product, services and subscriptions - to enhance the overall customer experience, and help drive customer acquisition, retention and lifetime value."
At 0910 GMT, the shares were up 1.5% at 429.98p.
Broker Shore Capital said: "In our view, this looks like a sensible bolt-on acquisition. The structural shift online and adapting to new ways of working given the Covid pandemic for the vets business. This acquisition will enhance Pets' capabilities and allow them given the scale of their vets business to further develop their digital capabilities."