Nestle : buys minority stake in EQT's vet services group IVC
April 08, 2019 at 10:47 pm IST
Share
ZURICH (Reuters) - Nestle will buy a minority stake in Independent Vetcare Group International from EQT as part of an information-sharing tie-up between Nestle Purina PetCare and Europe's largest veterinary services firm, Nestle and EQT said on Monday.
They did not give terms of the deal, under which British-based IVC will remain an independent business majority owned by private equity group EQT.
IVC has a network of more than 1,100 vet clinics and hospitals across 10 countries, serving more than two million pet owners, Nestle said in a statement.
"Deeper knowledge of pets' and pet owners' needs will enhance Nestle Purina's ability to develop innovative products and solutions tailored to meet the specific needs of cats and dogs," it said.
The deal requires regulatory approval.
IVC was valued at 3 billion euros ($3.38 billion) in February when EQT sold 20 percent of the company to Swedish institutional investors. EQT said it remains committed to invest in IVC's growth.
($1 = 0.8883 euros)
(The story is refiled to make clear that Nestle, not its Purina arm, will acquire stake)
(Reporting by Michael Shields and Esha Vaish; Editing by Jan Harvey)
Nestlé S.A. is the world's leading agri-food group. Net sales break down by category of products as follows:
- powdered and liquid beverages (26.7%): soluble coffees (Nescafé and Starbucks brands), coffee in capsules (Nespresso), chocolate drinks (Nesquik, Milo, etc.), tea drinks (Nestea), etc.;
- pet food (20.3%): brands such as Purina, Friskies, Felix, etc.;
- pharmaceutical, nutrition and well-being products (16.4%): nutritional supplements (Resource, Boost, Nutren, Optifast, Peptamen brands, etc.), infant and maternal nutrition products (NAN, illuma, Cerelac, Nido, Gerber), ketogenic beverages (BrainXpert), (Nesquick, Fitness, Cheerios, Lion, etc.), etc.;
- ready meals and seasoning products (12.5%): frozen and chilled dishes (Lean Cuisine, Hot Pockets and Stouffer's brands), soups (Maggi), etc.;
- dairy products and ice cream (11.8%): powdered milk, sweetened condensed milk, yoghurt and cream desserts, ice cream (Nido, Nesvita, Carnation, La Laitière, Coffee Mate, Nestlé Ice Cream, Dreyers, Häagen-Dazs, Extrême brands, etc.);
- chocolates, sweets and biscuits (8.7%): Kit Kat, Smarties, Cailler, Terrafertil, etc. brands;
- bottled waters (3.6%): Nestlé Pure Life, Vittel, Perrier, S. Pellegrino, etc. brands.
Net sales are distributed geographically as follows: Switzerland (1.2%), France (3.8%), the United Kingdom (3.8%), Germany (2.4%), Europe (12.8%), the United States and Canada (35%), China (5.9%), Asia and Oceania (21.4%) and Latin America (13.7%).