Vimian Group has signed an agreement to acquire Kahu Vet Group (“Kahuvet”), a supplier of veterinary surgical products in New Zealand and Australia. The acquisition represents a milestone in Vimian’s strategy to expand its geographical presence and establish direct sales in selected key and underpenetrated markets. Kahuvet is a fast-growing company with revenues of around €8.5 million in 2021.
Vimian’s MedTech segment Movora has signed an agreement to acquire Kahuvet. Established in 2010, the company has a broad offering of veterinary orthopedic implants, surgical instruments and equipment as well as pharmaceuticals and consumables. The majority of products are sold under Kahuvet’s own brand Knight Benedikt to more than 700 veterinary clinics in New Zealand and Australia. In addition, Kahuvet offers training for advanced surgical procedures in its own educational center. The company has 18 employees based in Australia and New Zealand, and the two founding partners will continue to lead Kahu Vet Group as part of Vimian.
“The acquisition of Kahuvet represents a milestone in our strategy to expand our geographical presence and establish direct sales in key, under-penetrated markets,” says Guy Spörri, co-CEO of Vimian’s MedTech segment Movora. “Through Kahuvet we gain a strong local footprint and a can sell our full MedTech product portfolio locally with improved customer service, shorter delivery times and a more efficient supply chain.
“Kahuvet is a fast-growing company with 35 percent revenue growth over the past year, and we’re excited to work together with this commercially driven team.”
Kahuvet had revenues of around €8.5 million in 2021 and an EBITDA of around €1.6 million. The acquisition will have a marginal impact on Vimian Group’s earnings per share in the current financial year. The purchase price consists of an upfront payment of €12.1 million financed with available funds, and potential earn-out payments of up to €10.4 million subject to financial performance over three years, part of which the selling management has committed to reinvest in Vimian shares.
Kahuvet is expected to be consolidated into Vimian Group’s MedTech segment on or around 1 March 2022.
