Company Profile

CVS Group (CVS) is a UK veterinary services provider that operates an integrated model across its three divisions: (1) Veterinary Practices, which is the core division of the group; (2) Laboratories, where diagnostic services are provided; and (3) Animed Direct, its online retail business for animal medicines and food. CVS is the second-largest player in a consolidating UK market and is expanding into the Australian market. Its leadership team is implementing management best practice across the portfolio. We think this, coupled with attractive industry fundamentals, could drive double-digit organic earnings growth over the medium term. We also see material inorganic earnings optionality from further consolidation in the UK and Australian markets.