Net Basset value

10 February 2021 By Liam Proud Follow @liamwardproud

Instead of floating vet group IVC Evidensia, the buyout shop is selling it to its new fund, and Silver Lake. Stock valuations may be choppier when it finally lists, but the company’s rapid growth should help. Even in an IPO rush, private equity is hanging on to the best assets.

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Swedish private equity group EQT said on Feb. 9 that Silver Lake and Nestlé were leading a 3.5 billion euro investment into IVC Evidensia, its UK veterinary group.

The deal values the Bristol-based pet care company at 12.3 billion euros including debt. EQT is also making a “substantial investment” into the company through one of its newer funds, and will remain IVC Evidensia’s largest shareholder.

The cash infusion means EQT will no longer list the business in London as previously planned, according to the Financial Times.

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