- First tranche of 16 clinics trading under NVC ownership
- NVC to commence trading on ASX on 11 August 2015
BRISBANE, August 6, 2015 – National Veterinary Care today announced that it had completed the acquisition of 16 veterinary clinics as the first tranche of practices to be acquired in its initial portfolio of businesses, prior to the company listing on the ASX on 11 August 2015.
The clinics will begin trading as part of the NVC community of veterinary practices from today. The remaining 19 practices in the initial portfolio will settle over the coming weeks.
NVC chief executive Tomas Steenackers said, ‘We are delighted to welcome these successful local vet practices into the NVC fold. Together with the clinics to be acquired in the second tranche, these will form the basis of the NVC community, which will continue to expand through organic growth and further acquisitions.’
‘Like pet owners, veterinarians are pet people—they want to spend as much time as possible caring for their patients. NVC reduces the paperwork burden associated with running a vet practice, and the vets can do what they do best: provide excellent medical care and advice.’
NVC this week closed its Initial Public Offer of 30m shares at $1 each, which was several times oversubscribed. The majority of the funds raised in the IPO will be used to acquire the initial portfolio of 35 veterinary clinics, including 32 general practice veterinary clinics and three associated veterinary service businesses.
After listing on the ASX, NVC will be the second largest provider of professional veterinary services in Australia and will be well positioned to take advantage of further growth in this industry.
The IPO was fully underwritten by Shaw and Partners Corporate Finance Pty Limited and Wilson HTM Corporate Finance Ltd.
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About National Veterinary Care:
NVC is a national provider of professional veterinary services delivering enhanced practice management and back office systems that remove the administrative burden of running an efficient vet clinic, freeing vets to focus on clinical delivery. NVC is growing a community of practices across Australia to build on those efficiencies.
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