CVS Group Regulatory News (CVSG)

18 Mar 2008 07:02

CVS Group plc18 March 2008 For Immediate Release 18 March 2008 CVS Group plc ("CVS" or the "Group") Acquisition of Animed Veterinary Group CVS, one of the UK's leading providers of veterinary services, is pleased toannounce the acquisition of the small animal and equine business of Animed LLP.This transaction brings the total number of surgeries within the Group to 146. The practice, established in 1983, employs 13 vets among a total of 41 employeesacross five local branches serving South Hampshire. The business will be acquired for a total consideration of £1.6m, to besatisfied wholly in cash. In the year ended 31 March 2007 the practice achieved an Operating Profit of£363,000 on turnover of £2.58m and had gross assets of £879,000. Commenting on the acquisition, CVS Chief Executive Simon Innes said: "Animed is a high quality business with dedicated professionals who will make a great addition to the CVS Group. Our business was established to acquire and operate veterinary practices which were well established within their local community and had a reputation for high quality service. Animed's business and employees perfectly fit those criteria and we are delighted to welcome them to partner our existing practices." Contacts: CVS Group plc 01379 644 288Simon Innes, Chief ExecutivePaul Coxon, Finance Director Buchanan Communications 020 7466 5000Richard OldworthSuzanne Brocks This information is provided by RNS The company news service from the London Stock Exchange