Medivet Group Limited / multiple independent veterinary businesses merger inquiries

The CMA investigated 17 completed acquisitions by Medivet Group Limited (Medivet) of independent veterinary businesses (listed below).

From:
Competition and Markets Authority
Published
11 January 2023
Last updated
5 October 2023 — See all updates
Case type:
Mergers
Case state:
Closed
Market sector:
Distribution and service industries
Outcome:
Mergers - phase 1 clearance with undertakings in lieu
Opened:
11 January 2023

Phase 1

Statutory timetable

Phase 1 Action
19 September 2023 Undertakings in lieu of reference accepted
18 August 2023 Consultation on proposed undertakings in lieu of reference
2 June 2023 CMA to consider undertakings offered
18 May 2023 Decision announced
17 March 2023 Launch of merger inquiries
17 March 2023 Invitation to comment
4 January 2023 Directions to appoint a Monitoring Trustee
21 December 2022 Initial enforcement orders

Undertakings in lieu of reference accepted

19 September 2023: The CMA has accepted undertakings in lieu of reference to Phase 2 investigation offered by Medivet Group Limited (Medivet) in relation to the completed acquisitions by Medivet of: (i) All Creatures Clinic Limited, (ii) The assets and business of the veterinary practice under the name Iffley Vets, (iii) The Oxford Cat Clinic Limited, (iv) The Vet Station Limited, (v) Barton Companion Animal Services Limited, (vi) I T Kalogera Holdings Ltd (including its subsidiary I T Kalogera Limited, (vii) Fitzalan House Veterinary Practice Ltd, (viii) Ferring Street Vets Limited, (ix) The Hackney Vet Limited, (x) The assets and business of the veterinary practice under the name Caddy Veterinary Surgery/Practice, (xi) E Street Limited (t/a Elizabeth Street Veterinary Clinic) and (xii) The assets and businesses of the veterinary practices under the name The Vet on Richmond Hill & The Vet in St Margaret’s.

Undertakings in lieu of reference consultation: now closed

18 August 2023: The CMA is consulting on proposed undertakings in lieu of a reference to a Phase 2 investigation offered by Medivet in relation to the completed acquisitions by Medivet of All Creatures Clinic Limited; The assets and business of the veterinary practice under the name Iffley Vets; The Oxford Cat Clinic Limited; The Vet Station Limited; Barton Companion Animal Services Limited; I T Kalogera Holdings Ltd (including its subsidiary I T Kalogera Limited); Fitzalan House Veterinary Practice Ltd; Ferring Street Vets Limited; The Hackney Vet Limited; The assets and business of the veterinary practice under the name Caddy Veterinary Surgery/Practice; E Street Limited (t/a Elizabeth Street Veterinary Clinic); The assets and businesses of the veterinary practices under the name The Vet on Richmond Hill & The Vet in St Margaret’s.

Extension of consideration of undertakings in lieu

24 July 2023: The CMA has extended the consideration of undertakings in lieu of reference until 25 September 2023.

CMA to consider undertakings offered

2 June 2023: Medivet and CVC Capital Partners jointly offered undertakings to the CMA, which involve reconstituting and divesting the assets and business of the veterinary practice under the name Caddy Veterinary Surgery/Practice and divesting each of the 10 businesses listed below:

  • All Creatures Clinic Limited
  • The assets and business of the veterinary practice under the name Iffley Vets
  • The Oxford Cat Clinic Limited
  • The Vet Station Limited
  • Barton Companion Animal Services Limited
  • I T Kalogera Holdings Ltd (including its subsidiary I T Kalogera Limited)
  • Ferring Street Vets Limited
  • The Hackney Vet Limited
  • E Street Limited (t/a Elizabeth Street Veterinary Clinic)
  • The assets and businesses of the veterinary practices under the name The Vet on Richmond Hill & The Vet in St Margaret’s

The CMA considers that there are reasonable grounds for believing that the undertakings offered by Medivet and CVC Capital Partners in relation to each of the SLC Mergers listed below, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.

Reference unless undertakings accepted

18 May 2023: The CMA has decided, on the information currently available to it, that it is or may be the case that each of the SLC Mergers listed below has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. Each of the SLC Mergers will be referred for a phase 2 investigation unless Medivet and CVC Capital Partners offer acceptable undertakings to address these competition concerns. The CMA has cleared each of the Clearance Mergers listed below.

SLC mergers

  • All Creatures Clinic Limited;
  • The assets and business of the veterinary practice under the name Iffley Vets;
  • The Oxford Cat Clinic Limited;
  • The Vet Station Limited;
  • Barton Companion Animal Services Limited;
  • I T Kalogera Holdings Ltd (including its subsidiary I T Kalogera Limited);
  • Fitzalan House Veterinary Practice Ltd;
  • Ferring Street Vets Limited;
  • The Hackney Vet Limited;
  • The assets and business of the veterinary practice under the name Caddy Veterinary Surgery/Practice
  • E Street Limited (t/a Elizabeth Street Veterinary Clinic);
  • The assets and businesses of the veterinary practices under the name The Vet on Richmond Hill & The Vet in St Margaret’s

Clearance Mergers

  • The assets and business of the veterinary practice under the name Hollies Veterinary Surgery;
  • Canine Healthcare Limited (t/a Vet Value);
  • Withy Grove Veterinary Clinic Limited

FNTQ decisions announced

6 April 2023: The CMA has decided that the completed acquisitions by Medivet of Monument Vets Ltd and Stanhope Park Veterinary Hospital Limited do not qualify for investigation under the merger provisions of the Enterprise Act 2002.

Launch of merger inquiries

17 March 2023: The CMA announced the launch of its merger inquiries by notice to Medivet.

The CMA has decided to investigate the following completed acquisitions by Medivet:

  • All Creatures Clinic Limited
  • The assets and business of the veterinary practice under the name Hollies Veterinary Surgery
  • Canine Healthcare Limited (t/a Vet Value)
  • The assets and business of the veterinary practice under the name Iffley Vets
  • The Oxford Cat Clinic Limited
  • The Vet Station Limited
  • Barton Companion Animal Services Limited
  • Stanhope Park Veterinary Hospital Limited
  • I T Kalogera Holdings Ltd (including its subsidiary I T Kalogera Limited) (t/a Brockwell Vets)
  • Monument Vets Ltd
  • Fitzalan House Veterinary Practice Ltd
  • Ferring Street Vets Limited
  • The Hackney Vet Limited
  • The assets and business of the veterinary practice under the name Caddy Veterinary Surgery/Practice
  • E Street Limited (t/a Elizabeth Street Veterinary Clinic)
  • The assets and businesses of the veterinary practices under the name The Vet on Richmond Hill & The Vet in St Margaret’s
  • Withy Grove Veterinary Clinic Limited

Invitation to comment: closed

17 March 2023: The CMA is considering whether it is or may be the case that any or all of the transactions listed above have resulted in the creation of relevant merger situations under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of any of those situations has resulted, or may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on any or all of the transactions from any interested party.

These comments should be provided by the deadline set out above (specifying which of the transaction(s) they refer to).

Directions to appoint a hold separate manager

2 February 2023: Pursuant to the Initial Enforcement Orders issued on 21 December 2022 and 24 January 2023, the CMA directed Medivet Group Limited to appoint a hold separate manager.

Directions to appoint a monitoring trustee

24 January 2023: The CMA has issued a variation of the directions to appoint a monitoring trustee issued on 4 January 2023 pursuant to paragraph 10 of the initial enforcement orders dated 21 January and paragraph 12 of the initial enforcement order dated 24 January 2023.

4 January 2023: Pursuant to the initial enforcement orders dated 21 January 2022, the CMA directed Medivet Group Limited, Hecate Holdco Limited, CVC Capital Partners VIII Limited, CVC Capital Partners VIII (A) L.P., CVC Capital Partners VIII Associates L.P. and CVC Capital Partners Investment Europe VIII L.P to appoint a monitoring trustee.

Initial enforcement orders

24 January 2023: The CMA has revoked and reissued the initial enforcement order imposed on 21 December 2022 in relation to the completed acquisition by Medivet Group Limited of the assets and business of the veterinary practice under the name Caddy Veterinary Surgery/Practice. The Revocation Order was issued under section 72(4) of the Enterprise Act 2022 and is without prejudice to the CMA’s ongoing investigations into the acquisitions.

21 December 2022: The CMA has served initial enforcement orders under section 72(2) of the Enterprise Act 2002 on Medivet Group Limited, Hecate Holdco (UK) Limited, CVC Capital Partners VIII Limited, CVC Capital Partners VIII (A) L.P., CVC Capital Partners VIII Associates L.P. and CVC Capital Partners Investment Europe VIII L.P, in relation to the completed acquisitions by Medivet of All Creatures Clinic Limited, the assets and business of the veterinary practice under the name Hollies Veterinary Surgery, Canine Healthcare Limited (t/a Vet Value), the assets and business of the veterinary practice under the name Iffley Vets, The Oxford Cat Clinic Limited, The Vet Station Limited, Barton Companion Animal Services Limited, Stanhope Park Veterinary Hospital Limited, I T Kalogera Holdings Ltd (including its subsidiary I T Kalogera Limited), Monument Vets Ltd, Fitzalan House Veterinary Practice Ltd, Ferring Street Vets Limited, The Hackney Vet Limited, Caddy Country Practice Limited, E Street Limited (t/a Elizabeth Street Veterinary Clinic), the assets and businesses of the veterinary practices under the names The Vet on Richmond Hill and The Vet in St Margaret’s, and Withy Grove Veterinary Clinic Limited. The initial enforcement orders all commenced on 21 December 2022.

Amendments / consents granted

Contact

Please send written representations about any competition issues to Lily Xiao, lily.xiao@cma.gov.uk

Published 11 January 2023
Last updated 5 October 2023 + show all updates

  1. Derogations published

  2. Undertakings in lieu of reference accepted and full text decision published

  3. Undertakings in lieu of reference consultation now closed.

  4. Undertakings in lieu of reference consultation published

  5. Extension of consideration of undertakings in lieu published.

  6. Full text decision published.

  7. Full text decision published.

  8. Considering undertakings offered

  9. Summary of phase 1 decision published.

  10. Derogation and Revocation order published.

  11. Full text decisions published.

  12. Found not to qualify decisions announced.

  13. Launch of merger inquiries with commencement notice published.

  14. Directions to appoint a hold separate manager and derogations published

  15. Derogations published

  16. Directions and variation of directions to appoint a monitoring trustee, revocation order, IEO, and 7 derogations added to the page

  17. First published.

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