York veterinary medicines supplier Animalcare Group has sold its majority stake in pet microchipping business Identicare to a fund managed by Bridgepoint for £24.9m.
Identicare, is a UK-based pet microchipping and pet owner-focused services company which was separated from Animalcare’s UK pharmaceuticals business in March 2021, with specialist leadership brought in.
Animalcare said the sale “significantly strengthens the balance sheet of the group” and will enable it to “accelerate our organic and inorganic growth initiatives and deliver long-term value creation for shareholders”.
For the 12 months to 31 December 2023, Identicare generated EBITDA of approximately £1.7m and profit before tax of about £100,000.
Jenny Winter, chief executive at Animalcare Group, said: “I’m very proud to see what we have achieved with Identicare in recent years.
“Today’s decision to crystallise the value from the sale is the logical next step, significantly strengthening our balance sheet and giving us additional financial flexibility and firepower as we concentrate on growing our pharmaceutical-focused animal health business.”
