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Independent Vetcare Limited (IVC) / multiple independent veterinary businesses merger inquiries

Competition Markets Authority

November 23
12:05 2022

Phase 1

Acquisitions to be investigated

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

  • Penrose Veterinary Group Limited
  • Kevin Castle (Pet Care) Ltd
  • Swayne & Partners Ltd
  • Treforest Veterinary Clinic Limited
  • Mercer & Hughes Limited
  • Swaffham Veterinary Centre Ltd
  • Anglesey Pet Clinic Ltd
  • Chiltern Equine Clinic

Statutory timetable

Phase 1 Action
TBC Deadline for phase 1 decisions (*)
TBC Launch of merger inquiries (**)
18 November 2022 Directions to appoint a monitoring trustee
17 November 2022 Re-issue of initial enforcement orders
17 November 2022 Revocation of initial enforcement orders
31 October 2022 Initial enforcement orders

(*) This date is the current statutory deadline by when the decisions will be announced. If any change occurs, the information is refreshed as soon as practicable. However, the CMA cannot guarantee that the decisions will be announced on or before this current deadline, as the deadline of a given case may change during the merger assessment process due to different reasons.

(**) The CMA has decided to investigate these transactions and has made an initial enforcement order in each case. This case page will be updated when the CMA formally commences its phase 1 investigations.

Directions to appoint a monitoring trustee

18 November 2022: Pursuant to the initial enforcement orders dated 17 November 2022, the CMA directed Independent Vetcare Limited (IVC); IVC Acquisition Pikco Ltd; IVC Acquisition Topco Limited; Islay New Group Holding S.A. to appoint a monitoring trustee.

Re-issue of initial enforcement orders

17 November 2022: The CMA has served initial enforcement orders under section 72(2) of the Enterprise Act 2002 on Independent Vetcare Limited (IVC); IVC Acquisition Pikco Ltd; IVC Acquisition Topco Limited; Islay New Group Holding S.A.; Socit Des Produits Nestl S.A.; EQT Fund Management S. r.l. and Berkshire Partners LLC, in relation to the completed acquisitions by IVC of Penrose Veterinary Group Limited; Kevin Castle (Pet Care) Ltd; Swayne & Partners Topco Limited (including Swayne & Partners Ltd); Treforest Vets (Holdings) Limited (including Treforest Veterinary Clinic Limited); Mercer & Hughes Limited; Swaffham Veterinary Centre Ltd; Anglesey Pet Clinic Ltd and Chiltern Equine Clinic (including Chiltern Veterinary Services Ltd & Chiltern Bury Farm Ltd). The initial enforcement orders all commenced on 17 November 2022.

Revocation order

17 November 2022: The CMA has made a Revocation Order under section 72(4) of the Enterprise Act 2002 in relation to each of the completed acquisitions listed above. The Revocation Order revokes the initial enforcement orders that the CMA imposed on 31 October 2022 and is without prejudice to the CMAs ongoing investigations into the acquisitions.

Initial enforcement orders

31 October 2022: The CMA has served initial enforcement orders under section 72(2) of the Enterprise Act 2002 on Independent Vetcare Limited; IVC Acquisition Pikco Ltd; IVC Acquisition Topco Limited; Islay New Group Holding S.A.; Socit Des Produits Nestl S.A.; Browne Holding S. r.l.; EQT AB and [redacted], in relation to the completed acquisitions by IVC of Penrose Veterinary Group Limited; Kevin Castle (Pet Care) Ltd; Swayne & Partners Topco Limited (including Swayne & Partners Ltd); Treforest Vets (Holdings) Limited (including Treforest Veterinary Clinic Limited); Mercer & Hughes Limited; Swaffham Veterinary Centre Ltd; Anglesey Pet Clinic Ltd and Chiltern Equine Clinic (including Chiltern Veterinary Services Ltd & Chiltern Bury Farm Ltd). The initial enforcement orders all commenced on 31 October 2022.

Amendments / consents granted

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