Vet Ventures Europe has added Jakovo Vet Clinic to its portfolio of veterinary clinics
2023 05 18Competition Council of the Republic of Lithuania in 2023 May 12 granted permission to the company Vet Ventures Europe, whose shareholders are the fund managed by I Asset Management, IAM Petcare Growth Fund and BaltCap, to acquire 85% of the shares of the Jakov veterinary clinic.
“The development of veterinary clinic networks in Europe is still uneven, and the processes of veterinary consolidation in the Baltic region, compared to Western Europe, are just beginning. “Jakovo veterinary clinic” is one of the oldest private veterinary clinics in the Baltic States, founded in 1991, which is still the undisputed leader in the small animal veterinary market. This transaction is an extremely important step in creating a sustainable and solid portfolio of veterinary clinics, creating added value through improving animal welfare, increasing access to quality services, investing in the development of doctors, unifying accounting and IT business management systems, and strengthening management” says Aurimas Martišauskas, partner of IAM PetCare Growth Fund.
The founder and manager of “Jakovo veterinary clinic” Dr. Jakov Šengaut states that: “After 30 years of leading the clinic, the decision to sell the majority of the shares was made when I decided to choose between veterinary and administrative work, which was constantly increasing with the growth of the clinic and the number of employees, and which became incompatible with my vocation to work as a doctor and create the highest quality veterinary practice. Basically, nothing changes in the clinic, I remain the veterinary manager of the clinic and I am happy that I will be able to devote all my working time to veterinary work and leading a top-level team of specialists, of which I am extremely proud.”
Currently, 57 people work in the clinic, 22 of whom are qualified doctors – specialists in veterinary orthopedics, visual diagnostics, dentistry, neurology and dermatology. The clinic employs as many as 4 specialists with PHD in veterinary sciences, three of whom prepared and defended theses while working at the clinic.
It was in this clinic that the first veterinary x-ray room in Vilnius appeared (1994), and the first echoscopy (ultrasound) examinations in Lithuanian veterinary medicine began (1999). “Jakovo Veterinary Clinis” also purchased the first computer tomography (2014) and magnetic resonance machines (2019) in Lithuania. Over 150,000 dogs and cats have been treated at the clinic in the last 20 years alone.
Kornelijs Čelutka, member of the board of Vet Ventures Europe and partner of BaltCap, says: “Jakovo veterinary clinic has become synonymous with the highest level of services both in Lithuania and in the region. We greatly appreciate that Jakov Šengaut remains our partner in the further journey, which is just beginning, and will continue to share his long-term experience.”
“As a manager and specialist, my main goal during these more than 30 years has been to provide the pets of Lithuanian residents with the highest veterinary diagnostic and treatment methods that meet global standards. I am glad that the values and vision of Vet Ventures Europe and my partners coincide and that their involvement in the company’s daily administrative processes will free my hands to improve the quality of services” J. Šengaut comments on the company’s operating principles and partnership.
Jakov Šengaut was represented by business law firm Motieka ir Audzevičius in the transaction of the sale of Vet Ventures Europe.
A growing pet care market
The global pet healthcare market was valued at $18.67 billion in 2020. USD and it is forecasted to have an average annual growth of 9.2% in 2021-2028.
“The animal care market is not the first decade in the world to show strongly growing amounts of attracted investments. Our region is truly unique, as this market is still at a very early stage, which provides an opportunity to consolidate small market players and achieve economies of scale,” says A. Martišauskas, partner of IAM Petcare Growth Fund.
The IAM Petcare Growth fund invests in veterinary clinics in the Baltic and CEE region.
Earlier this year, Vet Ventures Europe, managed by IAM Petcare Growth, opened a multifunctional 450 sq. m. Lazdynai Veterinary Hospital in Vilnius. DrVet, the largest veterinary chain in Lithuania, is located here. Also in Lazdynai, on Bukčių street, “Geri namai” – a dog hotel and rehabilitation center, which is a new standard in the animal care market in our country, has started operations.
“In May of this year, another DrVet clinic moved from Kalvarijju Street in Vilnius to new, ultra-modern premises on Žalgiris Street, where clients can enjoy a wider range of services, and doctors can enjoy more comfortable spaces. This project is an excellent example of how we create added value for the businesses we acquire,” says A. Martišauskas.
More about IAM Petcare Growth Fund.
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