Animalcare Group PLC on Friday said it has acquired a 25% stake in Australian animal companion business InVetro Pty Ltd, with an option to grow this to 51% in future.
The York, England-based veterinary services and pharmaceuticals firm paid the Sydney-based animal health company a cash consideration of A$3 million - around £1.4 million.
InVetro will use the funds to expand its commercial reach and product portfolio, Animalcare said. As part of the deal, Animalcare has an option to raise its stake to 51% between June and December 2029.
Animalcare shares fell 2.5% to £277.04 in London on Friday morning after news of the acquisition.
The British firm described this as a strategic move into ‘the growing Asia-Pacific veterinary market’, claiming InVetro provides ‘immediate access to business’ through existing regulatory permits and local relationships.
Animalcare’s Chief Executive Jenny Winter commented: ‘This strategic investment expands the group’s geographic footprint in the large and growing companion animal health market. The Australian market presents a significant opportunity, and this partnership allows us to participate in that growth with a trusted and capable team already on the ground. We look forward to supporting the business as it transitions into full-scale commercial operations and begins to maximise its potential.’
Animalcare said on Friday it aims to build an animal companion business in the region with revenues between A$20 million and A$25 million. Back in January, Animalcare paid £62.2 million to acquire Randlab Pty Ltd, a Revesby, Australia-based equine veterinary business.
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