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FRP Corporate Finance advised management and Animalcare Group plc, the international animal health business, on their sale of York-based Identicare Ltd to FTSE 250-listed private equity firm Bridgepoint.
Identicare, which was separated from the UK pharmaceuticals business within Animalcare in March 2021, runs the UK’s oldest and largest integrated microchip sales and pet registration database.
Alongside providing individual animals with a digital ID that combines their microchip record and private keeper details, Identicare offers pet protection services in the event they are lost, missing or stolen.
The deal will see Bridgepoint acquire a majority stake in the firm, allowing Animalcare Group to accelerate their organic and inorganic growth initiatives in the pharmaceutical-based animal health market. Identicare CEO, Robert Diamond, will continue to lead the business alongside Bridgepoint into the next phase of growth.
Led by Mark Farlow, Ed Shurville-Darlington, and Olivia Norris, FRP Corporate Finance’s London team was appointed to manage all stages of the sale process from sale preparation through to negotiating the transaction on behalf of the shareholders and managing the due diligence process through to an efficient close.
Mark Farlow, partner at FRP Corporate Finance in London, said: “This deal enables Animalcare to crystallise value on a non-core asset and will allow it to pursue its strategic priorities whilst propelling Identibase into a new phase of growth.
“This transaction is reflective of the broader trends in the market, as the boom in pet ownership during the pandemic has strengthened an already robust sector that is becoming increasingly appealing for private equity firms looking to invest.”
Jenny Winter, chief executive officer at Animalcare, said: “I’m very proud of what we have achieved with Identicare in recent years. This deal represents the logical next step, significantly strengthening our balance sheet and giving us additional financial flexibility and firepower as we concentrate on growing our pharmaceutical-focused animal health business.
“Supported by FRP as an advisor, we were able to evaluate a number of options for Animalcare. The FRP team ran a very professional process utilising their experience and networks to help us crystallise significant value for Animalcare and our shareholders.”
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