The private equity backer of one of Britain’s biggest veterinary care groups has hired two banks to prepare a £3bn auction of the company.

Sky News understands that BC Partners, the buyout firm, has hired JP Morgan and Jefferies to oversee a sale of VetPartners later this year.

A deal will see one of the industry’s biggest operators changing hands.

According to the company’s website, VetPartners employs roughly 7,500 people in the UK at 500 sites, including its York headquarters.

In 2019, it expanded beyond Britain with the addition of practices in Italy, and now also has a presence in France, Germany, Ireland, Portugal and Spain.

The company was established in 2015 by its founder, Jo Malone, and could now be worth in excess of £3bn, according to bankers.

A number of large buyout firms have begun to prepare bids for the company, with those already having investments in the sector including CVC Capital Partners, which has a stake in Medivet, a rival operator.

Shell to be hit by £1.7bn in UK and EU windfall taxes

A glitch and new red tape leave UK exporters facing EU border disruption

Cost of living latest: Eight ways you’ll pay more tax in 2023; average house price falls for fourth month in row; retailers ‘lose £48m’ amid rail strikes

BC Partners bought VetPartners in 2018 in a deal worth about £720m.

Other big players in the sector include IVC Evidensia, which also has private equity backing.

BC Partners declined to comment.

Related posts:

JD Sports edges out rivals in race to buy Arcadia warehouse Law firm lands compensation for BA customers over 2018 data breach Electric vehicles secure future of Vauxhall’s Ellesmere Port plant Struggle to fill job vacancies worsens at fastest rate for 24 years – survey Springsteen is latest to sell back catalogue – but are investors dancing in the dark? Retail sales jump in November with Black Friday boost Rishi Sunak holds meetings with business leaders as Omicron causes COVID slowdown Former CBI chief Fairbairn in race to head Channel 4 Chelsea bidders hit with demand for extra funds to secure £2.5bn charity windfall Hundreds complain about phantom braking in Tesla cars – as Musk says he has ‘bad feeling’ about economy French building titan Saint-Gobain builds case for Jewson sale Asos troubles deepen as lenders fashion balance sheet talks