4th Dec 2015 07:47
LONDON (Alliance News) - Veterinary services provider CVS Group PLC on Friday said it has struck deals to acquire Albavet Ltd and The Pet Crematorium Ltd and has secured a new financing facility.
CVS said it will pay GBP11.3 million to acquire Albavet, along with its VETisco Ltd subsidiary. Albavet employs 34 professional vets across 11 surgeries, along with a veterinary buying group and an instrumentation business.
CVS said the veterinary surgeries are a good fit with its existing estate and said the acquisition will provide a solid base to expand its buying business.
The company has also acquired The Pet Crematorium, which operates two crematoria in Durham and Hamilton in Scotland. No financial details were disclosed on the deal.
CVS said the acquisition will boost the geographical coverage of its crematoria network.
In addition, CVS said it has agreed new banking facilities totalling GBP115.0 million with Royal Bank of Scotland, HSBC and Allied Irish Banks. This comprises a GBP67.5 million fixed-term loan, expiring in 2021, and a GBP47.5 million revolving credit facility, expiring at the same time.
By Sam Unsted; [email protected]; @SamUAtAlliance
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