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Summit Partners Acquires Independent Vetcare

BATH, United Kingdom and LONDON, United Kingdom, July 21, 2014-- Growth equity investor Summit Partners today announced a majority investment in Independent Vetcare Holdings Limited, one of the largest private veterinary groups in the United Kingdom. With the backing of Summit Partners, Independent Vetcare (IVC) will continue its rapid expansion in the growing veterinary care sector.

Run by and for vets, IVC was formed in 2011 with the consolidation of several large independent veterinary practices across the United Kingdom. IVC enables local practices to retain their independence while centralizing administrative functions and support services at the group level, allowing vets to focus on delivering high-quality care. With its vet-friendly culture and reputation for clinical excellence, IVC has quickly grown into an organization of approximately 250 vets at more than 100 practices.

"A top priority at IVC is supporting our vets and nurses, enabling them to put patients first and deliver excellent care," said David Hillier, CEO of IVC. "Summit is committed to working with us to continue promoting our values, and providing the best support and service for our practices as we grow IVC. Along with a strong alignment in philosophies, Summit brings great resources and deep expertise in healthcare. We couldn't be happier with this partnership."

"We are delighted to partner with David and the entire IVC team," said Thomas Tarnowski, a Principal with Summit Partners, who joined IVC's Board of Directors. "Offering vets the most attractive model in the industry, IVC has tremendous growth potential as increasingly more practice owners seek ways to maintain clinical autonomy, while gaining the benefits of joining a larger organization. We look forward to welcoming many more successful practices and passionate vets to our group."

Dr. Craig Frances, a Managing Director with Summit Partners, who also joined IVC's board added, "Over the last three decades, Summit has helped build numerous industry leaders in the healthcare sector. IVC shares many of the same characteristics of these successful businesses, especially its client-centered approach to both clinicians and patients and its focus on delivering high-quality care at an affordable cost. These qualities, combined with the dedication and talent of its employees, positions IVC for continued success."

About Independent Vetcare Holdings Limited

Independent Vetcare (IVC) was established in 2011, and has grown into one of the largest veterinary services operators in the UK, with more than 100 practices across the country. Led by vets, IVC pools resources, skills and knowledge to ensure the highest level of clinical excellence at an affordable price. When veterinary practices join IVC, they maintain their identity and independence, while receiving the financial and business support of a larger organization. For more information, please visit www.independentvetcare.co.uk.

About Summit Partners

Founded in 1984, Summit Partners is a growth equity firm that has raised more than $16 billion in capital. Summit has invested in more than 400 companies in healthcare, technology and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales. Notable healthcare companies financed by Summit Partners include National Veterinary Associates, AmeriPath, HealthCare Partners, Lincare and MEDNAX. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20-22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.


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