CVS Group raises £60m in share placing as it eyes spending spree
- Credit: Nick Butcher
Veterinary practice firm CVS Group has raised £60m through a share placing as it prepares to launch a £40m spending spree.
The company, which is listed on the AIM, said the proceeds would enable it to pay down debt and allow it to fund future acquisitions, with a £40m pipeline of deals already identified in the UK and Netherlands.
The move came after CVS had revealed a 22% rise in turnover for the six months to December 31, up to £157.8m.
Chief executive Simon Innes said: 'With a strong pipeline of identified acquisition opportunities in large and small animal practices and in equine, the group continues to build on its scale as one of the leading providers of integrated veterinary services in the UK.
'The domestic market still provides scope for further consolidation and we are seeking to build a business along similar lines in the Netherlands, where our operations are growing in scale.'