CVC Capital Partners, the private equity giant, is buying one of Britain’s biggest chains of veterinary clinics as it seeks to exploit a boom in pet ownership during the pandemic.

Sky News has learnt that Medivet is being sold by Inflexion Private Equity to CVC in a deal worth more than £1bn.

Medivet, which operates around 300 branches and more than 20 round-the-clock clinics across the UK, has been part-owned by Inflexion Private Equity since 2016.

Investment bankers at HSBC ran the Medivet auction process.

Sources said there had been substantial interest from financial bidders because of the opportunity to continue consolidating what remains a fragmented industry.

The potential for expansion into European markets is also likely to be a focus for Medivet’s new owner, they added.

Inflexion will make a handsome return from the sale to CVC, with other slugs of equity owned by Medivet’s veterinary practice-owners as well as current and former executives.

M&S blames Brexit as it axes 11 French high street stores

John Lewis Partnership warns price pressures set to persist, and ‘significant uncertainty’ lies ahead

Co-op warns profits under pressure due to supply chain challenges

It would be the latest large deal in the industry this year, following IVC Evidensia’s sale of a €3.5bn stake to Silver Lake, the buyout firm, and Nestle.

That deal valued IVC Evidensia at more than £10bn.

CVC and Inflexion declined to comment on Thursday.

Related posts:

First guests from high-risk countries check into quarantine hotels Visa to hike fees for UK customers in post-Brexit move Northern Ireland post-Brexit trade arrangements have created ‘a perfect storm’ Naked Wines sinks to annual loss despite lockdown sales surge Ryanair to hire 2,000 pilots as it takes delivery of new fleet of aircraft Train and bus operators will no longer enforce mask wearing in England from 19 July One in five hospitality and retail workers self-isolating, MPs told Walmart-backed Symbotic finalises £3.3bn SoftBank SPAC merger Wetherspoons warns of profit hit as new COVID rules bite Branson and Delta inject £400m to bolster Virgin Atlantic’s finances Employment figures, Christmas trading and driverless cars Together Energy becomes latest household supplier to collapse in gas price storm