2021/07/08 - Financial public releases
Virbac Corporation in the USA has completed the acquisition of iVet LLC a specialty petfood company
As part of its 2030 vision, Virbac completed the acquisition of iVet LLC, a specialty petfood company. This acquisition, in addition to the portfolio of products, will bring us expertise in distribution, logistics and e-commerce which are part of the key to the success of our petfood ambition in the USA.
iVet was founded in 2002 by several highly regarded, independent veterinarians and a premium specialty petfood manufacturer. They currently market several lines of petfood generating several millions of US dollars and operate a best-in-class distribution and logistics platform. Moreover, iVet has built over the years advanced capabilities to take online orders on behalf of veterinary clinics and deliver products directly to pet owners.
As part of the Virbac 2030 vision, we have as an ambition, to continue to grow our recognized specialty petfood range within the vet channel targeting especially the U.S. market, the biggest market in the world for petfood (estimated at around US$1,5 billion at the vet channel only). This acquisition which fits into the roll-out of our programmatic M&A (mergers and acquisitions) approach should solidify the ramp-up of our petfood strategy in the USA in the medium-term by adding key digital capabilities as well as logistic and distribution expertise. This acquisition will have a limited impact on our sales and Ebita in 2021.
“This acquisition, carried out on the world's leading animal health market and in the field of petfood, one of our main strategic development axes, confirms our determination to grow faster than the market and to strengthen our positions as part of our vision for 2030. It also perfectly illustrates our ambition for a programmatic M&A” says Sébastien Huron, chief executive officer, Virbac group.