Nordhealth Oy: Nordhealth acquires Vetera, continues growth in European market

Founded in 1989 and headquartered in Eltville am Rhein, Germany, Vetera has become a market-leading software and service provider for veterinarians with its comprehensive and fully integrated portfolio of practice management solutions. Vetera and its team of 30 employees serve more than 2,000 veterinary practices, clinics, and partners throughout Germany, Austria, and Switzerland.

Since being acquired by NGC Nachfolgekapital in June of 2019, Vetera has experienced tremendous growth in both new customers and ARR. Recent customers include some of the largest corporate groups in the region, AniCura and IVC Evidensia, solidifying Vetera as the preferred practice management solution for leading veterinary healthcare institutions. This also includes 6 out of 8 veterinary university clinics in the DACH region, most recently VetMedUni Vienna.

"For us, it was an easy decision to have Vetera join Nordhealth. They have a lot to offer - a sophisticated practice management software, loyal customers, an open approach to third-party integration, and a team that brings a wealth of industry expertise," said Charles Macbain, CEO of Nordhealth. "By continuing to bring together best-in-class products and organizations across geographic regions, we're steadfast in our strategy to strengthen our knowledge of the challenges facing animal health professionals globally and investing both in the solutions and skilled professionals to help solve those challenges in innovative ways."

"Vetera has a long history as a trusted service and software provider for veterinarians. Institutions like the University of Veterinary Medicine Freie Universität Berlin have been with the company for more than 25 years," commented Vetera's CEO Alexander Felber. "In Nordhealth, we've found a partner that aligns behind the same customer-centric, service-driven philosophies. Additionally, with Nordhealth's SaaS-based Provet Cloud and technical capabilities, Vetera will have a competitive edge as the veterinarian industry accelerates digital and cloud-based solutions adoption. Our mission will remain the same as in the previous 30 years: to deliver excellent experiences, value, and services to animal health professionals -  connecting partners, pets, and pet parents."

With Vetera, Nordhealth will gain a leading position in the German-speaking Practice Management Software market. As a part of Nordhealth, Vetera will be well-positioned to extend its mission of improving the work life of veterinary professionals. Vetera will remain operating independently under the Vetera brand and will continue to be led by CEO Alexander Felber with the support of his management team.

"We are very pleased that with Nordhealth, we found the right partner for Vetera to continue the tremendous growth we have achieved since 2019. We are convinced that the international perspective of Nordhealth will accelerate growth even further. Thanks to our CEO Alexander Felber, we doubled the team and professionalized the operations over the past three years,  positioning the company to continue our growth trajectory. We are glad to accompany the further development of Vetera as a shareholder in Nordhealth AS," adds Alexander Preußner, Managing Partner, NGC Nachfolgekapital GmbH.

Vetera's revenue, recurring revenue and EBITDA were approximately EUR 2.702 million, EUR 1.482 million and EUR 0.53 million in 2021. The acquisition values Vetera at an enterprise value of EUR 8.36 million. In addition, Nordhealth will acquire a 19.26% stake in PetLeo for EUR 0.64M. The transaction will be settled through a mix of cash and shares. Consideration shares will be valued at a price of NOK 28.38 per share, corresponding to the 30-day volume weighted average price ("VWAP") at 10 March 2022.

The completion of the acquisition is subject to customary closing conditions and is expected to close during Q2 2022.