National Veterinary Care acquires two more clinics
23 September 2019, Written by Business News Australia
Listed veterinary service provider National Veterinary Care (ASX: NVL) is continuing with its spree of acquisitions today, announcing the acquisition of two more clinics.
The group has acquired one in Australia and one in New Zealand, worth $1.94 million in total.
The new clinics are in existing NVL geographic clusters, while the New Zealand clinic is described as a strategic acquisition for the company.
It will see NVL consolidate with a smaller Pet Doctors clinic to achieve a larger, more sustainable clinic.
NVL says the acquisitions will generate annual revenue of approximately $2.45 million and an aggregate annual EBIT of approximately $0.47 million.
Managing director and founder Tomas Steenackers, the 2018 Gold Coast Young Entrepreneur of the Year, says the acquisitions are part of a broader plan for the group.
"The New Zealand acquisition provides an opportunity for us to improve the sustainability and secure the future of a smaller nearby Pet Doctors clinic, which is a growth strategy we have previously had some success with in Australia," says Steenackers.
Once due diligence, board approval and lease agreements are all confirmed for the two new clinics, NVL will have acquired 102 integrated veterinary services businesses.
Business News Australia
Author: Business News Australia