Mars Inc. said June 11 that its pet services division, Mars Petcare, it has signed a definitive agreement to acquire European pet care company AniCura AB from Nordic Capital and Fidelio Capital.
Mars did not disclose the financial details of the deal but a Financial Times report, citing a person familiar with the deal, said AniCura, which operates about 200 animal hospitals in seven European countries, was valued at nearly €2 billion.
This deal is Mars' second acquisition of a veterinary care provider, following its acquisition of Linnaeus in early June, as it looks to strategically enter Europe's veterinary care market.
According to the Financial Times report, industry observers said the acquisitions were made as demand for premium pet products in the continent continues to grow. Mars also acquired Pet Food, a European pet food manufacturer, for an undisclosed amount, the report said.
The transaction is subject to customary approvals and is expected to close in fourth quarter 2018. Upon completion, AniCura's current management team will retain their roles to lead the company.
J.P. Morgan Securities PLC was Mars' acting financial adviser, while Freshfields Bruckhaus Deringer LLP and Cederquist were the company's acting legal counsel.
