UNAVETS, a Madrid-based veterinary healthcare group, has raised an additional €116 million from Ares Management Credit funds (also invested in on-demand car rental Kyte).
The Spanish company intends to use the funds to refinance existing debt, with a significant majority reserved for future acquisition. In addition, a part of the capital will be used to acquire veterinary hospitals and clinics and to continue acquisitions and investments in meaningful adjacencies.
“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.”
Veterinary healthcare group
Led by CEO Junko Sheehan, UNAVETS is a veterinary healthcare group with 91 practices across Spain and Portugal. The group comprises reference/specialised centers, 24-hour hospitals, primary opinion clinics, and vet offices, guaranteeing a complete service offering.
UNAVETS differentiates itself through heavy investment in science-led clinical training, equipment, and clinic business support. Currently, the company employs around 900 veterinary healthcare professionals and support staff in less than three years since its inception.
In fact, the company recently recruited
- Enrique Cardona (COO and Country Manager of Spain)
- Guilherme Assis (Country Manager of OneVet / Portugal)
- Aaron Sisternes (CFO)
- Ignacio Gonzalez (Head of M&A and Expansion)
Karim Khairallah, Managing Director and Co-Portfolio Manager of the European Principal Group at Oaktree, comments, “The UNAVETS platform has seen 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 to this and provides UNAVETS with the right long-term growth funding 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.”
Alonso Torre de Silva, Managing Director of the Ares Credit Group in Madrid, comments, “The veterinary healthcare sector continues to demonstrate strong growth despite broader economic headwinds, demonstrating strong forecast fundamentals and recession resilience. Ares is pleased to provide capital to UNAVETS as it continues to build on its record of rapid growth and disciplined performance.”