CVS Group Regulatory News (CVSG)

28 Nov 2007 07:01

CVS Group plc28 November 2007 For immediate release 28 November 2007 CVS Group plc ("CVS" or "the Group") Acquisition of Petmedics First acquisition since October Flotation on AIM CVS, one of the UK's leading providers of veterinary services, is pleased toannounce the acquisition of Manchester based Petmedics Limited. Founded in 1998,Petmedics is a well established large practice operating from three surgeriesand employing 14 vets. The team, headed by Tony Buxton, will remain with thepractice. In the year ended 30 September 2006 Petmedics made EBITDA of £244,000 onturnover of £2.786m. The consideration, which is not being disclosed for reasonsof commercial sensitivity, is being satisfied wholly in cash. Commenting on the acquisition, CVS Chief Executive Simon Innes said "We welcomethe Petmedics team to CVS. As one of the larger and most established practicesin the sector enjoying a very strong reputation for clinical care, it will be anexcellent partner for CVS." Contact: CVS Group plc 01379 644 288Simon Innes, Chief ExecutivePaul Coxon, Finance Director Buchanan Communications 0207 466 5000Richard Oldworth, Suzanne Brocks Notes to Editors: • CVS floated on AIM in October 2007 with a market capitalisation of £105.7m. At 27 November 2007 it was capitalised at £125.0m. • Based in Diss, Norfolk, the Group operates two divisions: o the practice division comprising 46 small animal practices operating from 130 individual surgeries throughout the UK and one equine specialist practice. o the diagnostic division made up of three veterinary diagnostic laboratories which provide services to both CVS and third parties. • At flotation CVS employed 1,214 staff, including 271 vets. • The provision of central services by the Group enables individual surgeries to focus on clinical care. The services provided bring cost and revenue synergies to the Group as a whole when compared to operating as individual practices. This information is provided by RNS The company news service from the London Stock Exchange