National Veterinary Care continues Australian domination with new acquisitions
Written on the 5 December 2018 by David Simmons
Tomas Steenackers' (pictured) National Veterinary Care (ASX: NVL) has been picking up clinics at a rapid pace this year, and has just finalised its latest round of purchases.
The veterinary clinic operator announced today that is has completed the settlement of its fourth clinic over the last month alone.
This final acquisition brings the total of clinics operated and owned by NVL to 97, and the company is pushing to reach 100 over the next 12 months.
This latest acquisition closes out NVL's acquisitions for the year; a year which saw the company acquire 37 clinics.
In total, the four clinics are expected to deliver annual revenue of approximately $6.5 million and an aggregate annual EBIT of approximately $1.36 million.
Total consideration of the four clinics located on the eastern seaboard will be $7 million, with total upfront payments of $5.6 million and deferred components of $1.4 million.
NVL CEO Tomas Steenackers, winner of the 2018 Gold Coast Young Entrepreneur of the Year Award, says today's settlement is a positive way to end the calendar year.
"The settlement of this high-quality clinic is an excellent way to complete our 2018 pipeline," says Steenackers.
"This year has seen unprecedented growth in size for NVL of more than 60 per cent, increasing from 60 businesses at the start of 2018 to finish the year with 97 businesses. Continued growth over the next 12 months would see us achieve 100 clinics, which is incredible growth supported by well designed and integrated systems and an experienced and agile management team."
Business News Australia
Author: David Simmons