Pemba have partnered with Vets Central, who, with several former foundation and management team members of the previously listed veterinary group, National Veterinary Care (ASX: NVL), are partnering with independent veterinary clinics across Australia that predominantly service the companion animal segment of the industry.
THE DEAL
After extensive research into the Australian veterinary services industry, Pemba became enthusiastic about the industry and its projected growth outlook. The founders and management team of Vets Central selected Pemba as a growth partner, which, in turn enables Vets Central to realise their vision for the industry, namely; a differentiated employee co ownership model developed around veterinarians maintaining a high level of clinical autonomy. Pemba aligned strongly with this approach and is confident in the partnership’s potential to bring a unique and exciting offering, along with a sustainable legacy, to the veterinary services industry.
ABOUT VETS CENTRAL
The Vets Central team saw an opportunity to provide a differentiated offering to the highly fragmented industry with a greater focus on maintaining brand integrity and incentivising veterinarians within the clinics through a co-ownership offering. Vets Central offer flexible earn-out arrangements for vendors and provide an equity plan to incentivise key team members and assist in retention, drive ongoing professional development and create recognition, reward and legacy for key operational team members. Vets Central also provide back-office support, such as payroll, finance, human resources and marketing (as required), and all employees are provided access to numerous benefits through a benefits program and ongoing training.
BACKGROUND TO PEMBA’S INVESTMENT
Pemba had already undertaken thorough research into the Australian veterinary services industry, concluding that it was a structurally high growth and defensive sector with scope to provide a differentiated offering. Pemba was able to share its findings and views of the market with the highly experienced and seasoned Vets Central management team, ensuring a unique and differentiated business model and offering was established for interested independent veterinary clinic owners.
THE FUTURE
Pemba’s continued partnership with the Vets Central management team will ensure that its high quality veterinary clinics are well supported in the Australian market. The group will also continue to ensure that its veterinarians and support staff are well looked after, with a key focus being on maintaining each individual clinic’s legacy, autonomy and reputation within their local market.
THE VENDOR’S PERSPECTIVE
PEMBA AND HEALTH SERVICES
Pemba is actively looking to partner with high-quality Health Services businesses. If you are considering external investment and would like to learn more about how Pemba Capital Partners together with its partner companies to achieve significant growth, please email opportunities@pemba.com.au
