OVERSUBCRIBED NVC BARKS INTO CLINICS AHEAD OF LISTING

Written on the 6 August 2015

OVERSUBCRIBED NVC BARKS INTO CLINICS AHEAD OF LISTING YOUR pets may have a new holiday home from this week, with National Veterinary Care (NVC) completing the acquisition of 16 veterinary clinics following an oversubscribed IPO earlier this week.

An IPO of 30 million shares at $1 each was several times oversubscribed. The majority of funds raised will go towards this first round of acquisitions.

The IPO was fully underwritten by Shaw and Partners Corporate Finance and Wilson HTM Corporate Finance, and the company is now in good stead to list on the ASX on August 11 under the ticket NVL.

The 16 acquired clinics will become part of the NVC community immediately, while the remaining 19 practices in the initial portfolio will settle over the coming weeks.

NVC CEO Tomas Steenackers, formerly of Greencross (ASX: GXL), has told Brisbane Business News the company was formed out of the desire to reduce the administration associated with running a vet practice to ensure better outcomes on the clinical front.

'Like pet owners, veterinarians are pet peoplethey want to spend as much time as possible caring for their patients," says Steenackers.

"NVC reduces the paperwork burden associated with running a vet practice, and the vets can do what they do best: provide excellent medical care and advice."

NVC is closing in on the $2.6 billion veterinary services sector in Australia, which is for the most part a monopoly, by providing a point of difference through administration, training and a vet advisory board that is separate from the executive team.

"There is no conflict of interest then because other executives, like myself, will be coming from a pure management background. If I have a good deal with a pathology company, for instance, I can then run it by vets first to see if it's a good idea by clinical standards."

Branding is also notably different from competitors, only distinguishable from a sticker at the front of the practice.

"Many of our vets have been business owners for 50 years, so we find it a bit outrageous to come in and tell them to change their style. It worked for a reason."

NVC intends to continue to expand through organic growth and further acquisitions. 

 


Latest News

BRISBANE COAL TERMINAL REOPENS AFTER SHIPLOADER REPAIR

COAL loading has recommenced at New Hope's (ASX: NHC) Brisbane terminal today after repairs to its ship loader, w...

SUPERYACHTS OFFER UNTAPPED POTENTIAL AT COMMONWEALTH GAMES

SUPERYACHT Australia has devised a strategy to attract more superyachts to Queensland and capitalise on revenue op...

GDP FIGURES A 'WAKEUP CALL' FOR PARLIAMENT

THE GDP figures are an end-of-year wakeup call for Parliament about what lies ahead for the country, according to ...

ACCC GIVES GO-AHEAD FOR NEWS CORP TO BUY ARM

NEWS Corporation (ASX: NWS) has been given the green light to acquire Australian Regional Media (ARM) from APN New...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter