Swedencare completes acquisition of British vet player Summit
The transaction is expected to strengthens the market position of the Malmö-based firm in the veterinary market.
Swedencare has officially acquired UK-based Summit Veterinary Pharmaceuticals, as announced on 24 March.
The deal took effect on 1 April 2025 and aims to strengthen Swedencare’s footprint in the veterinary pharma market, particularly in the UK and Hong Kong.
The total purchase price for the acquisition is £30 million ($38.7M/€45.3M). Of this, Swedencare will use £27 million ($34.8M/€31.6M) of its available cash and RCF credit.
More details
The remaining £3 million ($3.9M/€3.5M) will be settled through the issuance of 978,119 shares in the company, in line with the terms of the share purchase agreement.
A potential earn-out of up to £15 million ($19.4M/€17.6M) may be paid upon meeting certain performance conditions by 1 April 2027.
The issue price, SEK40.60 ($4.04/€3.67) per share, reflects the 20-day volume-weighted average price preceding the agreement’s signing. The issuance will result in a dilution of approximately 0.61%, bringing the total number of shares in Swedencare to 159,840,958 after the transaction.
Summit is known for developing, producing and selling what Swedencare terms ‘animal health specials’ to veterinary professionals. The UK-based company produces veterinary pharmaceuticals for pain management, cardiology, infectious diseases and gastrointestinal issues, among other drugs.
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