The state wealth fund said its investment in IVC Evidensia aligns well with its goal of investing in market-leading consumer companies in resilient and growing sectors.
Abu Dhabi sovereign investor Mubadala announced on Sunday that it had invested $ 497 million in IVC Evidensia, Europe’s largest veterinary care provider.
The state-owned fund, which manages a global portfolio of $ 243.4 billion across multiple sectors and asset classes, said its investment in IVC Evidensia aligns well with its goal of investing in consumer companies market leaders in resilient and growing industries.
Justin Sabet-Peyman, Head of Consumers at Mubadala, said the state fund is delighted to partner with EQT, Silver Lake, Nestlé and IVC’s world-class management team to help boost leadership. and the company’s continued innovation in pet care.
Headquartered in Bristol, UK, IVC Evidensia operates a network of over 1,500 veterinary clinics and hospitals in 12 European countries and cares for over four million pets. Founded in 2011, the company operates a decentralized model that promotes innovation and clinical freedom within its network, supported by a range of integrated services such as purchasing, veterinary advisors and clinical advice.
Mubadala’s investment in IVC Evidensia joins its growing global portfolio of world-class consumer companies including Reliance Retail Ventures Limited, Coupang and Truck Hero. In the consumer sector, Mubadala focuses on investing in companies led by strong management teams in leading positions in attractive markets with strong tailwinds.
Mubadala’s assets under management (AUM) in 2020 reached Dh894 billion, against Dh853 billion in 2019. Last year, Mubadala invested Dh108 billion of capital in various sectors. These included Dh 4.3 billion in Jio, a leading Indian telecommunications company owned by Reliance Industries; 2.7 billion dirhams to Silver Lake, a leading global technology investor; 3.0 billion dirhams in Reliance Retail, one of the fastest growing consumer companies in India; 2.2 billion dirhams in PCI Pharma, one of the world’s leading providers of pharmaceutical services; and 7.5 billion MAD thanks to partnerships with CVC, Citadel, iSquared Capital and Apax Partners.
According to its report for 2020, 34% of its portfolio is made up of direct and indirect private equity investments, with 29% in public markets and 14% in real estate and infrastructure, among others.
IVC Evidensia is widely recognized for pioneering new standards for both clinical excellence and staff well-being in its industry. IVC was initially acquired by EQT Private Equity in December 2016 and merged in May 2017 with Evidensia, the Swedish veterinary group. Since then, the company has further strengthened its position as the leading provider of veterinary services in Europe through strong organic growth and strategic complementary acquisitions.