VETPARTNERS CHARTS $70 MILLION TURNOVER

Written on the 27 June 2016 by Laura Daquino

VETPARTNERS CHARTS $70 MILLION TURNOVER

VETPARTNERS is picking up more vet practices, the company on track for annual turnover above $70 million.

Since acquiring rival AussiePaws in May, Sydney-based VetPartners has grown by three more practices.

One practice in Queensland was completed on May 31, another two in NSW were completed in June, and two more NSW practices are confirmed for settlement in July.

The group currently holds 42 practices, making it the second largest of its kind in Australia behind Greencross (ASX: GXL).

VetPartners acquired more practices between March and July than Greencross acquired in the 2015/16 financial year.

The company is in partnership with National Veterinary Associates (NVA), a 300-plus practice group in North America, which VetPartners CEO Michael Quirk says has an 'unnervingly similar philosophy' to his own about how veterinary services should operate.

Quirk says a big point of difference is the succession plan that VetPartners offers its vets.

"The multiples we're offering are much higher," he told Business News Australia in May.

"We provide a planned retirement with a degree of certainty and often at a price higher than that offered by our competition.

"[Our multiples] encourage vets to look more closely and think - well, I wasn't planning to retire, but that's good money and I can exit some of my business now and plan retirement over the next 10 years. They can drop their work hours and not worry as much.


"Most of these vendors have a two-year earn-out period where they get the last 20 per cent of their value over this period. We think it's a fairly easy target."

"Our target is that at the end of those two years, when the vets have the option to leave, they don't want to because it's just too good. For NVA in the US, 85 per cent of their vets are still working after 12 years. That outcome is the difference between what we're striving for and what the others are.

VetPartners was established in January and incorporated Sydney's VetFriends and North Shore groups, Adelaide's Vets4Pets and other practices that joined the Australian Veterinary Owners League.

Quirk told Business News Australia earlier this year that the 'intensity of consolidation is right now' in veterinary services.

"It's important for us who are consolidating to win the acquisition battle," he says.

"By Christmas I imagine the main groups will be a little more obvious and the acquisition activity will slow down."

Read more about VetPartners, the new veterinary services group on the block.
 


Author: Laura Daquino Connect via: Twitter LinkedIn

Latest News

THE STAR'S STUNNING ANSWER TO CROWN'S BARANGAROO

THE Star Entertainment Group (ASX:SGR), not to be outdone by James Packer's Barangaroo development across the ...

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 ...

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