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Swedencare AB (publ) acquires MedVant Inc., a Canadian Pet Health company focused on the Veterinary sector
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Hälsovård |
| Industri | Läkemedel & Handel |
Swedencare AB (publ) (”Swedencare”) acquires the Canadian Pet Health company, MedVant Inc. (”MedVant”). The purchase price amounts to approximately 34,8 MSEK. The cash consideration will consist of approximately 27,9 MSEK and a directed new share issue of 130 939 shares in Swedencare to the seller upon closing, which is expected to take place on August 1st, 2024. MedVant has been distributing Swedencare subsidiary, RX Vitamins' product line exclusively in Canada since 2020. Through this strategic acquisition, Swedencare now enters the expansive Canadian vet market and receives a comprehensive product portfolio of supplements in the premium segment for dogs and cats. MedVant currently sells to approximately 2 500 veterinary practices in Canada.
The acquisition of the business is conditional on certain customary contract terms and is done through a newly established Canadian subsidiary to Swedencare, SWEDENCARE CANADA HOLDING INC.
“MedVant, founded and led by Brian Thomas who will continue to serve as CEO, has done an excellent job of representing and growing the RX Vitamins range in Canada over the last four years. Håkan Lagerberg and I were impressed with Brian’s vision and execution and this strategic move promises to create significant growth opportunities for Swedencare in the Canadian market. We are excited to have our first commercial veterinary team/operation in Canada where we can continue to expand Swedencare’s broad range of products from the US and Europe.“ says Brian Nugent, Chief Commercial Officer of Swedencare North America.
The acquired business had sales of 2,5 MCAD for the year ending Dec 31st, 2023, corresponding to approximately 19,0 MSEK, with an EBITDA margin of 27%.
The purchase price of 4,5 MCAD on a cash- and debt free basis, corresponds to approximately 34,8 MSEK, is paid initially through a cash payment of 3,6 MCAD and a directed new share issue to the seller of 130 939 shares in Swedencare.
MedVant will continue to be led by Brian Thomas founder and former owner, who will also become a shareholder of Swedencare with 130 939 shares.
"MedVant has established a strong position in the Canadian market and is poised for accelerated growth as part of the Swedencare group. The fit with Swedencare is excellent and paves the way to introduce many of their best-in-class products to Canadian veterinarians. We are excited to enter this new phase of growth with a company that shares our passion for pet wellness.” says Brian Thomas, MedVant CEO and founder.