OVERSUBCRIBED NVC BARKS INTO CLINICS AHEAD OF LISTING

OVERSUBCRIBED NVC BARKS INTO CLINICS AHEAD OF LISTING
YOUR pets may have a new holiday home from this week, with National Veterinary Care (NVC) completing the acquisition of 16 veterinary clinics following an oversubscribed IPO earlier this week.

An IPO of 30 million shares at $1 each was several times oversubscribed. The majority of funds raised will go towards this first round of acquisitions.

The IPO was fully underwritten by Shaw and Partners Corporate Finance and Wilson HTM Corporate Finance, and the company is now in good stead to list on the ASX on August 11 under the ticket NVL.

The 16 acquired clinics will become part of the NVC community immediately, while the remaining 19 practices in the initial portfolio will settle over the coming weeks.

NVC CEO Tomas Steenackers, formerly of Greencross (ASX: GXL), has told Brisbane Business News the company was formed out of the desire to reduce the administration associated with running a vet practice to ensure better outcomes on the clinical front.

'Like pet owners, veterinarians are pet peoplethey want to spend as much time as possible caring for their patients," says Steenackers.

"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 is closing in on the $2.6 billion veterinary services sector in Australia, which is for the most part a monopoly, by providing a point of difference through administration, training and a vet advisory board that is separate from the executive team.

"There is no conflict of interest then because other executives, like myself, will be coming from a pure management background. If I have a good deal with a pathology company, for instance, I can then run it by vets first to see if it's a good idea by clinical standards."

Branding is also notably different from competitors, only distinguishable from a sticker at the front of the practice.

"Many of our vets have been business owners for 50 years, so we find it a bit outrageous to come in and tell them to change their style. It worked for a reason."

NVC intends to continue to expand through organic growth and further acquisitions. 

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

‘Devastated’ boss of collapsed Pivotal Homes warns that risk has swung against builders

‘Devastated’ boss of collapsed Pivotal Homes warns that risk has swung against builders

The devastated boss of collapsed Gold Coast homebuilder Pivotal Hom...

St Baker affirms commitment to Novonix as he exits board to focus on new fund

St Baker affirms commitment to Novonix as he exits board to focus on new fund

Rich lister and power industry titan Trevor St Baker, the largest i...

PEXA purchases 25 per cent stake in AI fintech company Elula

PEXA purchases 25 per cent stake in AI fintech company Elula

In a bid to bolster its fintech offering, online property exchange ...

Telus why: $1.2 billion takeover of Appen revoked “without explanation” after just eight hours

Telus why: $1.2 billion takeover of Appen revoked “without explanation” after just eight hours

It took just eight hours for Canadian telco giant Telus to revoke i...