Swedencare has acquired 100% of one of the UK’s leading animal health companies, Nutravet.
Founded by Matthew Shaw in 2008, Nutravet adopts an “exclusive-to-vet” sales strategy with more than 2,200 veterinary clinics and animal hospitals as direct customers.
Its product portfolio covers most therapy areas in addition to pet dental products – which corresponds with Swedencare’s flagship product, ProDen PlaqueOff.
The purchase price of £33m on a cash and debt free basis is paid through a cash payment of 281m SEK (£24m) and a directed new share issue to the seller of 580,769 shares in Swedencare.
Matthew Shaw, Nutravets CEO and founder, said: “This is an exciting time for Nutravet, providing fantastic opportunities to further expand beyond our market leading position in the UK.
“Swedencare complements our ethos perfectly and offers the business proven international leadership. We’re thrilled to join the family and keen to maximize future growth.”
Håkan Lagerberg, CEO of Swedencare, “With the acquisition of Nutravet, we create a unique group which entails different growth and profitability driven companies within animal health.
“It’s amazing to be able to add yet another outstanding and profitable company to the Swedencare family. I am both excited and humble to the task of leading this expanded group.”
He added: “At the same time, I am very comfortable as we in Matthew Shaw get access to a competent and experienced colleague who, just like me, thrives by growth and profitability together with customer satisfaction and innovation. Matthew has built a fantastic company and concept which we will nurture, develop and expand out into the world market.”