UNAVETS Receives €116 million Financing from Ares Management to Support Growth

LONDON, Nov. 18, 2022 /PRNewswire/ -- The UNAVETS Group ("UNAVETS"), the leading veterinary healthcare group with 90+ practices across Spain and Portugal, announced today that it has raised an additional €116 million from Ares Management Credit funds.  Part of the capital will refinance existing debt with a significant majority reserved for future acquisition and capex funding to acquire veterinary hospitals and clinics and to continue acquisitions and investments in meaningful adjacencies.  UNAVETS is currently majority owned by funds managed by Oaktree Capital Management L.P. ("Oaktree").   

"We are thrilled Oaktree, and now Ares, as well, are backing our platform - helping to fuel our growth," says Junko Sheehan, CEO and Chairman of UNAVETS. "As we continue to evolve UNAVETS, this financing will give us additional firepower to invest strategically across the veterinary sector - meaning in people, facilities, equipment and innovation – to provide the best care for our pets and ongoing professional development and future for our vets."

Based on Ares' commitment and support, UNAVETS is now even better positioned to continue its successful strategy, employing more than 900 veterinary healthcare professionals and support staff in less than three years since its inception.  The executive team at UNAVETS all bring significant experience to bear both within the veterinary sector and from a business perspective.  The Company recently recruited Enrique Cardona (COO and Country Manager of Spain; formerly CEO of Vetsum) to the executive team, alongside Guilherme Assis (Country Manager of OneVet / Portugal), Aaron Sisternes (CFO), and Ignacio Gonzalez (Head of M&A and Expansion).  The full headquarters team of ~50 individuals are focused on providing support to all of the Clinical Directors and practice teams in the Group. 

In addition to supporting the Clinical teams with the necessary resources to continue to grow and evolve, UNAVETS is also continuing to grow inorganically via M&A.  The Company has invested creatively across the veterinary healthcare sector, placing capital strategically in adjacent areas which are synergistic with its current portfolio, which has also helped to accelerate its growth.  Karim Khairallah, Managing Director and Co-Portfolio Manager of the European Principal Group at Oaktree, comments, "The UNAVETS platform has seen very strong growth since inception and its management team has positioned the business well for the next stage of organic and inorganic growth. The Ares financing is a testament of this and provides UNAVETS with the right long term growth funding that is needed in this sector.  Oaktree's European Principal Group has worked closely with Ares on multiple transactions, specifically in buy and build strategies, and Ares has brought a flexible and tailored financing solution that fits UNAVETS' growth needs."