Swedish private equity firm EQT Partners is looking to finalise a deal to VerPartners, one of Australia’s largest veterinary practice chains in a deal worth in excess of AUD1bn, according to a report by the Financial Review.
The report cites unnamed sources as revealing that EQT dealmakers, Frank Heckes and David Forde, have agreed terms with sell-side adviser Jefferies and the buyout firm has been anointed as the preferred bidder beating off competition from rival PE firm Affinity Equity Partners.
EQT was reported to have bid upwards of AUD1.4bn in the first round of bidding for the business, however according to unnamed limited partner sources, the final agreed price was slightly lower following a period of more in-depth due diligence.
VetPartners, which has 267 clinics across Australia, New Zealand and Singapore, generated revenue of AUD661m with an EBITDA of AUD131m  for the 2023 financial year.
