EQT-owned veterinary group IVC Evidensia has spent £34m over the past two years responding to a UK Competition and Markets Authority (CMA) investigation, according to a report by the Financial Times citing newly filed accounts.
The conclusion of the probe now clears a potential route to exit for the private equity firm.
The CMA’s industry-wide review of the UK veterinary sector, which wrapped up in March, examined pricing practices across major chains and led to new rules including limits on first prescription charges and increased transparency requirements. While the regulator found average prices at large operators were higher than independent practices, it stopped short of imposing broader price controls.
IVC incurred £10.6m in investigation-related and compliance costs in the year to September 2025, following £24m the previous year.
The resolution of the inquiry removes a key overhang for EQT, which has been weighing exit options including a potential initial public offering or trade sale. Advisers have reportedly been engaged for early-stage discussions around a multibillion-pound listing in London or Europe, though no final decision has been made.
IVC remains one of the largest veterinary groups in Europe, operating thousands of sites across multiple countries and serving a substantial global patient base. The company continues to expand through acquisitions while also investing heavily in its existing network.
Financially, IVC reported modest revenue growth and a mid-single-digit rise in adjusted earnings, although statutory losses widened significantly due to a large write-down linked to its Canadian operations. Despite this, management described underlying trading as resilient amid continued investment in the business.
