Montagu Private Equity announces the sale of VetXX
Montagu, a leading European mid-market private equity investor, is pleased to announce the sale of VetXX, a leading developer, producer and marketer of companion animal veterinary products, to Dechra Pharmaceuticals.
Dechra Pharmaceuticals is an international veterinary pharmaceutical business with a focus on companion animal products. The business is headquartered in Stoke-on-Trent in the UK and employs more than 750 people. In its most recent financial year Dechra enjoyed sales of £253.8m.
VetXX is a sales and marketing group selling companion animal pharmaceutical and diet products solely to the veterinary sector. The Company owns a number of important niche pharmaceutical licences. VetXX employs more than 160 people and is headquartered in Denmark with sales subsidiaries in Sweden, Norway, Finland, UK, France, the Netherlands and Spain. Product distribution arrangements are also held in various countries including Canada, Switzerland, Estonia, Greece and Japan.
The Chairman of VetXX, Peter Fearn, commented “the acquisition of VetXX by Dechra is an important strategic milestone and will give VetXX access to new products and systems and a significant growth opportunity. The strategic fit is excellent and the future is exciting for all involved.”
Tom Chaloner and Peter Dahlberg, Directors at Montagu Private Equity, said in a joint statement “The VetXX Group and brand was formed in 2005 as a stand alone business and has firmly established itself in its markets. We believe Dechra is the right long term home for VetXX and we wish everyone at VetXX the best for the future”.
“VetXX is well regarded within the companion animal veterinary products market and offers a high quality service to its customer base. The acquisition will create a stronger European footprint and materially increase Dechra's range of licensed veterinary pharmaceutical products. In addition, VetXX will give Dechra access to an established distribution network to market the enlarged product range and future developed products to veterinary practices and wholesalers. I am very pleased this deal has been concluded” said Ian Page, CEO of Dechra.
The transaction is expected to complete in January 2008 subject to approval by Dechra’s shareholders.
Montagu was advised by PwC Corporate Finance (Denmark) and Accura Advokataktieselskab.
Contacts
Tom Chaloner, Director, Montagu Private Equity, +44 207 336 9955
Peter Dahlberg, Director, Montagu Private Equity, +44 207 336 9955
Ian Page, CEO, Dechra Pharmaceuticals, +44 178 277 1100