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Apiam Animal Health to open veterinary clinics under JV agreement

Apiam Animal Health Ltd. and Petstock Pty Ltd. agreed to open veterinary clinics in regional and rural Australia.

Under the joint venture agreement, Apiam Animal Health will operate and own 80% of the clinics, which will be co-located at Petstock outlets. The first clinic, located in Australia's Bendigo region, is expected to open in March.

Separately, Apiam Animal Health agreed to acquire Bendigo-based clinic Passionate Vetcare for A$750,000.

The clinic generated revenue of about A$1.8 million in fiscal 2017 and will complement the upcoming Petstock co-located clinic in the region. The transaction is also expected to settle in March, and follows similar acquisitions in November 2017.

Apiam provides veterinary products and services to production and companion animals in Australia. Petstock is a petcare retailer.