Ardian arranges a €109 million unitranche financing to support SEVETYS, a leading independent operator of veterinary clinics in France

Ardian, a world leading private investment house, today announces the arrangement of a unitranche facility to support SEVETYS (formerly known as Vet Dev) in its acquisition of 50 additional veterinary clinics in France. The financing package also includes a dedicated committed acquisition line to support the Group in its future buy-and-build strategy.
Headquartered in Paris, SEVETYS is one of the leading operators of veterinary clinics in France with approximately 100 clinics. Organized as a hub-and-spoke model, the Group provides complete veterinary services from generalist care and vaccination to more complex surgical procedures. SEVETYS is known for its high-quality offering, thanks to its skilled practitioners and high-grade equipment, and occupies a leading position in France. The company forecasts to generate c. €60 million of revenues in 2021.

SEVETYS is a leading independent group supported by French private investors and veterinarians, who have chosen Ardian Private Debt as a financing partner, thanks to its tailor-made unitranche financing, which combines flexibility and rapidity of execution.

SEVETYS has been established with the objective of consolidating the growing and fragmented French veterinary market. With a total of over 6,000 clinics but only c.10% being part of large groups, the French market presents much lower consolidation levels than other countries such as the UK (c.50%) or Scandinavia (c.70%). The market has been consolidating at a fast pace over the past months, with SEVETYS being one of the fastest growing groups.

“SEVETYS has an impressive growth story and we are pleased to support the Group and its management team in this new chapter of development. We are confident that SEVETYS will continue to grow both organically and via strategic acquisitions in the French market, which is consolidating rapidly, and we believe that our financing solution is ideally suited to this purpose.” Jean-David Ponsin, Managing Director in the Private Debt team at Ardian

“We have an ambitious development strategy that requires a solid yet flexible financing solution. With this unitranche financing, our intention is to accelerate our growth strategy even further and solidify SEVETYS’ position as one of the leading operators in France. We are confident that Ardian will be a valuable long-term partner that will support the Group as it expands.” Daniel Einhorn, CEO of SEVETYS