The IPO opened with a market valuation of £105.7m and a share price of 205p. It’s listing on London’s AIM comes eight years after Sovereign first backed the Diss, Norfolk, based company.
Kevin Whittle, director at Sovereign, said: “CVS is an excellent business with a clear strategy implemented by a first-rate management team. CVS’s consistent record of growth clearly illustrates the value of Sovereign’s buy and build approach. We are delighted with the result and to have played an integral part in shaping both the market and the company. We wish the business well for the future.”
It operates two divisions: the practice division, which is composed of 127 small animal surgeries and one equine specialist practice, and the diagnostic division made up of three veterinary diagnostic laboratories which provide services to CVS and to third parties. The company currently employs 1,214 staff, including 271 vets, as well as using additional locums, and is the largest national consolidator of veterinary practices.