Veterinary services provider CVS Group has struck deals to acquire Albavet and The Pet Crematorium and has secured a new financing facility. CVS will pay £11.3 million ($17.1 million) to acquire Albavet, along with its VETisco subsidiary.
The company has also acquired The Pet Crematorium, which operates two crematoria in Durham and Hamilton in Scotland. No financial details were disclosed on the deal. CVS said the acquisition will boost the geographical coverage of its crematoria network.
In addition, CVS has agreed to new banking facilities totaling £115.0 million ($173.7 million) with Royal Bank of Scotland, HSBC and Allied Irish Banks. This comprises a £67.5 million ($102 million) fixed-term loan, expiring in 2021, and a £47.5 million ($71.7 million) revolving credit facility, expiring at the same time.