16 Feb 2017 07:00
PREMIER VETERINARY GROUP PLC
("PVG" or "the Company")
FURTHER CO-OPERATION AGREEMENT SIGNED IN THE US FOR
PREMIER PET CARE PLAN
London, UK, 16 February 2017 - Premier Veterinary Group plc (LSE: PVG) announces that its wholly-owned subsidiary, Premier Vet Alliance (US) Limited ("PVA"), has signed a co-operation agreement with Midwest Veterinary Supply, Inc ("Midwest"), a major veterinary distributor based out of Minnesota, US.
The initial 5-year co-operation agreement is to introduce the Company's preventative healthcare programme for pets, branded "Premier Pet Care Plan" ("PPCP"), to Midwest's client hospitals, numbering over 12,000 across 35 States, located primarily in the Mid West and South East of the US.
Jeff Burkhamer, National Sales Manager, Midwest Veterinary Supply, Inc commented:
"Midwest is very familiar with preventative healthcare plans, but PVA is the first to come to us with a model that delivers a product led programme with a comprehensive support package and delivering an end-to-end solution. We are a customer focused company and believe that the Premier Pet Care Plan will deliver real added value to our hospitals."
Dominic Tonner, Chief Executive Officer of PVG, added:
"We are delighted to have secured such a prestigious contract with a highly respected industry player, and we look forward to a rapid and successful roll-out of our Premier Pet Care Plan across the Midwest client base."
Update on US market
The Midwest co-operation agreement is the third co-operation agreement entered into since PVG announced its entry to the US market in May 2016, providing PVG with the opportunity to access a significant segment of the available US market. The total number of dogs and cats across the US is estimated at 70 million and 74 million respectively (U.S. Pet Ownership & Demographics Sourcebook 2012).
In early June 2016, the Company announced that it had signed a major agreement with Veterinary Products, Inc. ("VPI"), a significant veterinary distributor co-op, headquartered in Atlanta, Georgia, US to promote and roll-out the Company's PPCP to VPI's member hospitals, which at that time numbered over 600 across 15 States, located primarily in the South East of the US.
At the end of June 2016, the Company issued a further announcement confirming that it had signed another major agreement in the US for PPCP. That agreement was entered into with Merritt Veterinary Supplies Inc. ("MVS"), a leading veterinary supplies distributor founded in 1938, which at that time had 9,000 member hospitals in the South East of the US. MVS is headquartered in Columbia, South Carolina.
The continued rapid rate of expansion into the US has given PVG the confidence to accelerate its investment programme in terms of people and infrastructure, including further investment in additional functionality and data capture within PVG's bespoke software system.
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
For further information, please contact:
Premier Veterinary Group plc Tel: +44 (0)117 970 4130
Dominic Tonner, Chief Executive Officer
Will Evans, Chief Financial Officer
Note to Editors:
PVG's services to third party veterinary practices, through its wholly-owned subsidiary, Premier Vet Alliance Limited ("PVA"), include the administration and support of a preventative healthcare programme for pets branded "Premier Pet Care Plan" ("PPCP"); and the operation of a buying group ("Premier Buying Group") which offers enhanced discounts to member practices on pharmaceutical and consumable spending. In the US, PPCP is marketed through the Company's wholly-owned subsidiary, Premier Vet Alliance (US) Limited.
PPCP is a structured, preventative healthcare programme for cats, dogs and rabbits and is available only through veterinary practices. The programme is seen as a way of providing gold standard care for pets at an affordable price for the client, by way of fixed monthly payments.
PPCP uses a clinical approach to prevention, as this is the most effective method of ensuring illnesses are diagnosed more quickly and not given a chance to advance. What truly sets PPCP apart is its unique approach of offering an end-to-end solution and support to the practice, which has been proven to work extremely well. PVA works alongside practices to create a tailor-made, cost-effective service for clients, one that delivers excellent care to their patients and significantly improves practice performance.
The Premier Buying Group, is now the UK's largest veterinary buying group without group interests in veterinary practices or veterinary wholesalers offering its members the best discounts across the industry on pharmaceutical and consumable spend.
For further details: http://www.premiervetalliance.co.uk/
This announcement includes "forward-looking statements" which include all statements other than statements of historical facts, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations, and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets", "believes", "estimates", "expects", "aims", "intends", "will", "can", "may", "anticipates", "would", "should", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, readers are cautioned not to rely on any forward-looking statement.