Steenackers mulls life after National Veterinary Care takeover
24 February 2020, Written by Matt Ogg
The founder and CEO of National Veterinary Care (ASX: NVL) plans to turn his attention to new health and technology ventures if shareholders vote in favour of VetPartners' $250 million takeover bid next month.
After announcing a stellar result for the first half with revenue surging 30 per cent to $69 million and profits up by more than half at $4.1 million, Tomas Steenackers gave Business News Australia his thoughts this morning on the road ahead.
Shareholders will vote on the proposed takeover on 19 March, and given the high concentration of institutional shareholders management is approaching it like a done deal.
"It's a bit sad, especially when you create a business, you win awards and the staff are loving it, but it's a publicly listed business and at the end of the day you're a victim of your own success," says Steenackers.
He says it is bittersweet especially in light of recent outstanding results, with organic growth tracking 3.29 per cent for the last six months while the industry more broadly is hovering around the 1 per cent mark.
"I think we've built a business that's going to be sustainable going forward for the new purchasers," says Steenackers.
"Probably they don't have a spot for me in the business - they have a CEO that will manage the two businesses, so by default I become a bit redundant.
"My priority at the moment until the first week of April is to make sure the integration will be really good for the two businesses."
Steenackers says he loves building businesses and has "a few ideas on the go", pointing to his recent work with BITS Technology co-founder Kane Sajdak and InStyle Solar founder Karl Brown at HomeGuardian.ai - a patented artificial intelligence device that can detect falls in aged care.
"I want to put a bit more time and support the team there, but nothing concrete, nothing specific," he says.
"So that's a nice little break with the family before I start something else again."
He says passion needs to be the main driver for any business, or else what's the point?
"Health and IT are sectors are what I'm really passionate about so you're probably going to see me in those two sectors, and probably combining those two sectors," he says.
"There are a lot of broken businesses that need to be improved, and can benefit from good IT and good systems."Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: Matt Ogg