The INVL Baltic Sea Growth Fund, the leading private equity fund in the Baltics, is further investing in building a network of veterinary clinics. The fund’s portfolio company MiniVet has acquired the Wellvet veterinary chain which operates in Lithuania, with clinics in Marijampolė, Kėdainiai and Kazlų Rūda.
After this transaction, MiniVet now owns six clinics in four Lithuanian cities, including Vilnius.
“The clinics in the Wellvet chain have been in the market for many years and have both strong experience and a loyal customer base. Expansion of the MiniVet network will undoubtedly bring synergies that will benefit all the clinics’ customers and their pets, who already enjoy professional veterinary services,” says Lina Gaižutienė, the CEO of MiniVet and one of its veterinarians.
MiniVet acquired 100% of the shares in the Wellvet chain from the Obeliu Group. The group owns more than 10 companies in the Baltics, which are active in three different business areas: the production and trade of food products, the trade in food and medicines for small and large animals, and veterinary services and professional advice to farms.
“We believe the arrival of MiniVet, with its strong and experienced investor, opens up more potential for the growth of our clinics and the range and quality of the services they provide. All the clinics’ veterinarians and support staff remain in place and will continue working to provide the best service to our customers and their pets,” Wellvet’s Head of Clinical Operations, Dr. Dalia Juodžentė, says.
The Wellvet chain began operations in 2016 and was part of the Obeliu Group. The veterinary clinics offer a range of veterinary services to ensure the health and well-being of pets, including routine care and intensive therapy, prevention and treatment of internal diseases, and surgical operations. Their pharmacies sell medicines, antiparasitics, hygiene products, and food, toys and accessories for pets.
Prior to this transaction, MiniVet already owned veterinary clinics in Vilnius’s Lazdynėliai, Pilaitė and Antakalnis districts. The clinics offer a wide range of veterinary care services as well as veterinary medicines and pet food products, and they have their own e-shop.
The fund has invested in eight companies to date, focusing on sectors including healthcare, medical rehabilitation, civil engineering, plastic recycling, environmental resource management, veterinary services, and the manufacturing of cosmetics and hygiene products. The fund is managed by INVL, a leading investment management and life insurance group in the Baltics. The fund is managed by INVL, a leading investment management and life insurance group in the Baltics.
About INVL Baltic Sea Growth Fund
With a size of EUR 165 million, the INVL Baltic Sea Growth Fund the leading equity fund in the Baltics. The European Investment Fund (“EIF”) is its anchor investor.
The EIF, which is a part of the European Investment Bank, has committed EUR 30 million with the support of the European Fund for Strategic Investments (a key element of the Investment Plan for Europe, or ‘Junker Plan’) whilst also allocating resources from the Baltic Innovation Fund, a “fund of funds” initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia. The initiative aims to increase capital investment in high-growth potential small and medium-sized enterprises in the Baltics.
The fund seeks to assemble a diversified portfolio of companies, targeting majority or significant minority stakes through investments ranging from of EUR 10 million to EUR 30 million. These companies must demonstrate high growth potential and an ability to succeed in conditions of increasing global competition and market volatility.
The fund is focused on the Baltic countries and neighbouring regions including Poland, the Nordics, and Central Europe. The fund has invested in eight companies to date, focusing on sectors including healthcare, medical rehabilitation, civil engineering, plastic recycling, environmental resource management, veterinary services, and the manufacturing of cosmetics and hygiene products.
The fund is managed by INVL, the leading Baltic investment management and life insurance group. The group’s companies manage pension and mutual funds, life insurance directions, individual portfolios, private equity as well as other alternative investments. More than 300,000 clients in Lithuania, Latvia and Estonia plus international investors have entrusted the group with the management of over EUR 2 billion of assets. With a track record spanning 30 years, the group has strong expertise and experience in managing private equity assets and building true market players that are leaders in their respective fields in the Baltic countries and across Central and Eastern Europe.