| Date: | August 2018 |
|---|---|
| Project: | Sale Lead Advisory |
| Sector: | Veterinary |
| Role: | Lead advisor to the shareholders |
Founded in 1996 by Daniel Parker, and later joined by additional partners, Grant Hayes, Peter Cargill and Andrew Bufton, Slate Hall is the leading provider of technical veterinary services and veterinary medicines to the £3.2bn UK poultry food industry.
Sarah Moores of Forward Corporate Finance has worked with the Slate Hall shareholders and board over the last year or so to consider the future development of the business. Several options were considered, with the sale to a corporate partner being the preferred route for clients, staff and future growth opportunities.
CVS Group plc is the largest integrated veterinary services provider in the UK, with over 460 veterinary surgeries in the UK and Netherlands across small animal, large animal and equine specialisms including small animal and equine referral practices. In recent years the company has seen significant growth in its production animal businesses, and established CVS Farm as a separate division in 2017.
Slate Hall represents CVS’s first acquisition in the poultry veterinary space. All four of the founding partners will remain with the business post sale to lead the growth for CVS in this sector in the UK and Europe.
Commenting on the transaction, Grahame Nix, Chairman of Slate Hall said, “This has been a big decision for Slate Hall, and finding the right partner, with the right approach was critical for the shareholders, as well as for clients and staff. CVS will provide the business with the right level of ongoing support and infrastructure, while allowing the Slate Hall business to continue its own development path.”
He continued, “Sarah has known the business for a number of years and has worked closely with me and the partners in finding the right way forward. Her support and advice has been invaluable in finding solutions to problems and navigating the transaction. It has not been an easy process, and she has worked hard to keep things moving.”
Forward Corporate Finance Director, Sarah Moores, commented, “Having worked with the partners over the last few years, I am delighted to see this transaction complete. CVS will provide an excellent platform on which to continue the development of the business, both in the UK and in Europe. I wish the partners and the business every success in the future.”
The Slate Hall shareholders were also advised by Weightmans (legal), and Wagstaffs (accounting and tax).