Competition Markets Authority
Phase 1
The acquisitions being 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 |
|---|---|
| 3 March 2023 | CMA to consider undertakings offered |
| 17 February 2023 | Decision announced |
| 20 December 2022 | Launch of merger inquiries |
| 7 December 2022 to 21 December 2022 | Invitation to comment |
| 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 |
CMA to consider undertakings offered
3 March 2023: IVC offered undertakings to the CMA which involve divesting each of the businesses listed above (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, and Chiltern Equine Clinic). The CMA considers that there are reasonable grounds for believing that the undertakings offered by IVC in relation to each of the transactions under investigation, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.
- (21.4.23)
Reference unless undertakings accepted
17 February 2023: The CMA has decided, on the information currently available to it, that it is or may be the case that each of the mergers listed above 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 mergers will be referred for a phase 2 investigation unless IVC offers acceptable undertakings to address these competition concerns.
- (5.4.23)
- (17.2.23)
- Press release: Takeover of eight vet businesses could increase costs for animal owners (17.2.23)
Launch of merger inquiries
20 December 2022: The CMA announced the launch of its merger inquiries by notice to IVC.
- (20.12.22)
Invitation to comment: closed
7 December 2022: 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, in advance of the CMAs formal investigation starting.
These comments should be provided by the deadline set out above (specifying which of the transaction(s) they refer to).
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.
- (23.11.22)
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.
- (23.11.22)
- (23.11.22)
- (23.11.22)
- (23.11.22)
- (23.11.22)
- (23.11.22)
- (23.11.22)
- (23.11.22)
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.
- (23.11.22)
Initial enforcement orders
31 October 2022: The CMA has served initia