Swedencare gets investment from Symrise and acquires Vetio

Swedencare issued new shares for the Vetio transaction. 50% of the new shares were bought by the German public company, the other 50% by a Swedish financial investor.

“We look forward to becoming a strategic shareholder in Swedencare and to support the fast-growing business,” said Dr. Heinz Jürgen Bertram, CEO of Symrise AG. “Swedencare has built a highly profitable business with a diverse portfolio and international presence. Our companies share many similarities and run complementary activities. We see a lot of opportunities to jointly strengthen our competencies.”

“With Symrise AG as a strategic investor completely new possibilities open up to quickly accelerate our business offering within primarily pet food partnerships. And with our new financial investor we can benefit from a global network and additional M&A competence”. says Swedencares CEO Håkan Lagerberg.

Vetio

Swedencare acquires US-based Vetio, a company that provides contract drug development and manufacturing for animal health companies around the world.

Vetio’s sales were $32.3 million (€27M) in 2020 with an adjusted EBITDA of 6.5 million USD (20%) (€5.49M).

With the acquisition, Swedencare will receive a stronger presence within manufacturing and development of premium products and brands for the animal health market in the US and Canada.

”Through the acquisition of Vetio, by far our largest to date, we take a big leap towards our goal to become the leading global animal health group within nutraceutical and dermatology premium products to pets and companion horses.” says Swedencares CEO Håkan Lagerberg.

Vetio will continue to be led by CEO, John Kane. Kane and its management team all will become shareholders in Swedencare through their current minority holding of Vetio which partly is settled in the purchasing settlement through shares in Swedencare.

The purchase price amounts to $ 181.5 million (€153m).