Oil and Gas

UPDATE 2-Pet care firm IVC Evidensia gets 3.5 bln euro private funding

(Adds comment from source saying IPO is off the cards in the short term)

LONDON, Feb 9 (Reuters) - Pet care firm IVC Evidensia has completed a 3.5 billion euro ($4.2 billion) private funding round as the pet care industry booms in the COVID-19 pandemic.

The investment values IVC, which is owned by private equity firm EQT, at around 12.3 billion euros, IVC said on Tuesday.

Silver Lake is making a “substantial minority investment” and existing shareholder Nestle is increasing its minority stake as part of the funding round, IVC added.

Headquartered in Bristol, southwest England, IVC is a veterinary services provider with a network of more than 1,500 clinics and hospitals across Europe.

IVC was one of the companies expected to launch an initial public offering (IPO) in London later this year, with two sources telling Reuters that it had appointed banks for a listing that would value it at 12-15 billion euros.

A source close to the company said that following this funding round, an IPO is off the cards in the short term.

There has been a huge spike in demand for pet care services over the past year, with pet sales rocketing at a time when many people are isolated because of lockdowns across the world to try to contain the pandemic.

Goldman Sachs and Jefferies acted as financial advisers to IVC. JP Morgan and Numis were financial advisers to Silver Lake.

$1 = 0.8262 euros Reporting by Abhinav Ramnarayan. Editing by Thyagaraju Adinarayan, Mark Potter and Sonya Hepinstall