Abu Dhabi state-owned sovereign wealth fund, Mubadala Investment Company, has invested $494.81 million in Europe’s largest veterinary care provider, IVC Evidensia, as the company continues to expand its consumer-focused portfolio of investments.
With headquarters in the UK, IVC Evidensia, operates a network of over 1,500 veterinary clinics and hospitals in 12 countries across Europe, caring for about four million pets. Founded in 2011, the company operates a decentralized model which promotes innovation and clinical freedom within its network, Mubadala said in a statement.
Initially acquired by EQT Private Equity in 2016, IVC merged with Swedish veterinary group Evidensia in May 2017. Since then, the company has strengthened its position in Europe’s veterinary services market through organic growth and strategic add-on acquisitions.
Earlier this year, EQT said it had reinvested in the business along with Nestle and US private equity firm Silver Lake, with whom Mubadala announced a $2 billion technology partnership in 2020. The $4.2 billion funding round valued the company at about $15 billion, the company said in a statement.
“Our investment in IVC Evidensia aligns well with our focus on investing in market-leading consumer businesses in resilient and growing sectors. We are excited to be partnering with EQT, Silver Lake, Nestlé and IVC’s world-class management team to help drive the company’s continued leadership and innovation in pet care,” Justin Sabet-Peyman, head of the consumer at Mubadala, said.
Mubadala, which has a global portfolio that spans across six continents with investments in multiple sectors and asset classes that range from aerospace and healthcare to real estate, utilities and oil and gas.
The current investments add to Mubadala’s growing portfolio of consumer-focused businesses, including Reliance Retail Ventures, Coupang and Truck Hero. The company continues to focus on businesses led by “strong management teams with leading positions in attractive markets with strong tailwinds.”