Sevetys raises unitranche facility to finance acquisitions

Ardian announced 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 operates approximately 100 veterinary clinics. Organized as a hub-and-spoke model, the group provides veterinary services from generalist care and vaccination to more complex surgical procedures. The company forecasts approximately €60 million of revenue in 2021.

Sevetys was established with the objective of consolidating the French veterinary market. With a total of over 6,000 clinics but only roughly 10% being part of large groups, the French market presents much lower consolidation levels than other countries such as the U.K. (roughly 50%) or Scandinavia (roughly 70%), according to a press release.