Private equity-backed Greencross has stepped up a review of its veterinary services arm, with the company and its owner holding talks within the buyout firm and canvassing bankers to assess whether it’s worth pursing a spin-off.
In recent meetings with bankers, it is understood there has been plenty of talk about the vet sector’s resilience through the COVID-19 pandemic, with revenue increasing every year for the past decade. Industry revenue growth is also accelerating, thanks to a boom in pet ownership. Of course Greencross’ management team and controlling shareholder TPG Capital have kept the pets and vets company at the front of bankers’ minds in the past 12-months.
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