Ardian commits €180 million to SEVETYS with new unitranche facility
Press release
Ardian commits €180 million to SEVETYS with new unitranche facility
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08 June 2022
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Private Credit
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France, Paris
6 minutes de lecture
Ardian, a world leading private investment house, today announces that it has arranged a new unitranche financing to support SEVETYS in the acquisition of 100 additional veterinary clinics in France. This new financing follows an initial facility arranged in December 2021.
Headquartered in Paris, SEVETYS is one of the leading operators of veterinary clinics in France with 180 clinics under management. Through a hub-and-spoke model, it provides the full suite of veterinary services from generalist care and vaccination to complex surgical procedures. As a market leader in France, the company is known for its high-quality offering, thanks to its skilled practitioners and high-grade equipment. The company is forecasting €140 million of revenues in 2022.
SEVETYS, supported by French private investors and veterinarians, is strengthening its partnership with Ardian's Private Debt team, which is able to offer tailor-made unitranche financing, combining flexibility and speed of execution.
SEVETYS has been established with the objective of consolidating the growing and fragmented French veterinary market. The French market presents a significant opportunity for consolidation, as only 15% of the country’s 6,000 clinics are run as part of large groups. This is a lower consolidation rate than other markets such as the UK (c.50%) or Scandinavia (c.70%). The market has been consolidating at a fast pace in recent months, with SEVETYS being one of the fastest growing groups.
”Through our existing partnership with SEVETYS, we have been very impressed by its strong growth trajectory. We are pleased to be strengthening our relationship as the company targets 100 new clinics. This reinvestment will allow it to continue its ambitious acquisition strategy as the market consolidates in the coming months and years.” Jean-David Ponsin, Managing Director in the Ardian Private Debt team
”Thanks to Ardian's unitranche financing, we have been able to accelerate our external growth plans. The flexibility of this solution allows us to be very proactive about our potential acquisitions. The new financing arranged by Ardian will allow us to pursue this strategy and consolidate our position on the French market.” Daniel Einhorn, CEO of Sevetys
Parties to the transaction
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SEVETYS
- Daniel Einhorn, Alexandre Brevault
- Financial legal advisor: Goodwin (Adrien Paturaud, Alexander Han)
- M&A advisor: Rothschild (Pierre Pessans, Thomas Lenoble, Augustin Viellard)
- Financial VDD: Oderys (Thomas Claverie, Andoni Balaquer, Benjamin Supiot)
- Corporate legal advisor: Winston & Strawn (Julie Vern, Gilles Bigot, Myriam Saragouss)
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ARDIAN
- Jean-David Ponsin, Gabrielle Philip, Hadrien Barnier
- Financial legal advisor: Willkie Farr & Gallagher (Paul Lombard, Laurence Raud, Martin Jouvenot, Nolwenn Poisson)
ABOUT SEVETYS
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.
ABOUT ARDIAN
Ardian is a world leading private investment house, managing or advising $130bn of assets on behalf of more than 1,300 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide.Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 900+ employees, spread across 15 offices in Europe, the Americas and Asia, are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.