Animalcare Group, the York-based animal health business, has disposed of its majority shareholding in Identicare to BG Bidco 21 Limited, a newly incorporated company owned by funds managed by Bridgepoint Advisors II Limited, for a cash consideration of £24.9m.
Animalcare Group said the transaction represents a significant crystallisation of value for the company and its shareholders from a non-core asset, and allows it to focus on growth in its pharmaceutical-based animal health market.
Identicare is a UK-based pet microchipping and pet owner-focused services company. As part of the Group’s strategy to focus on pharmaceuticals and to drive growth through launching innovative products, Identicare was separated from the UK pharmaceuticals business within Animalcare Ltd in March 2021, with specialist leadership brought in.
The disposal of Identicare strengthens the balance sheet of the Group, enabling it to accelerate organic and inorganic growth initiatives.
Jenny Winter, Chief Executive Officer, 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.”
