Ardian acquires stake in Mon Véto to accelerate its growth alongside founders

Ardian, a world-leading private investment house, announces its investment in Mon Véto, the leading independent group of veterinary clinics in France and the second largest player in the market. This minority investment will consist of a €100 million capital increase to support and accelerate the Group's development in France and Europe.

Barings, which has been financing Mon Véto's debt for a year, will also increase its exposure in several tranches, up to €400 million, while maintaining a healthy balance sheet structure.

Founded in 2010 and based in Rouen, Mon Véto operates primarily in general veterinary medicine, offering high-quality care for pets throughout all stages of their lives.

The group has experienced strong growth over the last few years, notably through a dynamic and controlled buy-and-build strategy (168 acquisitions completed over the last 5 years) enabled by the structuration of first-rate operational and support services. Mon Véto's strategy focuses on creating local clusters that foster synergies between veterinary clinics in the same area.

With over €180 million of turnover, Mon Véto now operates 231 clinics across all French regions and Belgium, and employs nearly 1,200 staff, including 550 vets. Prior to Ardian's investment, the Group was fully owned by 29 vets, led by its founders and directors, David Beciani, President, Nicolas Girard, Chief Medical Officer and Eric Lejeau, Chief Operating Officer. Following this capital increase, the group’s veterinarian practitioners will continue to hold a significant majority stake.

The management team is predominantly made up of experienced vets, with deep sector knowledge. Since the Group’s establishment, founders of Mon Véto have always prioritised the distinctive medical project at the heart of the company’s strategy. This has been demonstrated by their commitment to developing extensive resources for practitioners (premises, equipment, and training) to ensure a high-quality of care and best working conditions.

In a fast-growing but still highly fragmented veterinary market, Ardian’s arrival as a shareholder will enable Mon Véto to accelerate its consolidation and become a leader in France, whilst retaining its independence. With Ardian as its partner, Mon Véto also aims to increase its presence in Europe and step up the deployment of new tools, particularly in the digital field, and new service offerings.

"Ardian is a partner that is capable of supporting us in the next stages of Mon Véto's development, scrupulously respecting the professional independence of practising vets and possessing the key skills to continue structuring our group. We are extremely proud of the confidence that Ardian has shown in us, and we look forward to working with Alexis Lavaillote and Arthur de Salins to make a success of this new phase of the Mon Véto project together. Finally, Barings' significantly increased commitment to us is a great source of satisfaction after a year of smooth and fruitful collaboration." David Beciani, President, Mon Véto

"We are particularly proud to be working with a management team of this calibre, which has a thorough understanding of a fast-growing market. I would like to thank all the directors of Mon Véto, in particular David Beciani and Nicolas Girard, for their confidence." Akexis Lavaillote, Managing Director Expansion, Ardian

"We are delighted to be contributing to Mon Véto's development, to further strengthen its presence in France and become the leading player, as well as supporting the group in its international expansion." Arthur de Salins, Director Expansion, Ardian