BENDIGO, AUSTRALIA: Apiam Animal Health Limited has entered into an agreement to acquire Agnes Banks Equine Clinic (ABEC).
ABEC operates a well-established dedicated equine veterinary clinic approximately 70KM from Sydney and is well located to capture a diversified equine client base including sport horses, pleasure horses and racehorses.
The business employs 14 equine vets (including 3 registered specialists in Equine Surgery and Medicine) and has a reputation as a market leader within the Australian equine veterinary industry.
Apiam’s Managing Director, Dr Chris Richards said “the acquisition of Agnes Banks Equine Clinic aligns with our equine strategy to operate high performance cornerstone clinics in key regions for the Australian equine industry.
These cornerstone clinics feature state-of-the-art facilities and equipment operated by experienced vets, including some with registered specialist qualifications. Moving forward, these large cornerstone facilities are expected to provide a base for further expansion into the equine veterinary sector on a regional basis”.
“In-line with many other animal segments over recent years, the equine veterinary sector has grown rapidly, benefitting from positive industry tailwinds and COVID-19 related demographic impacts,” Dr Richards added.
The ABEC acquisition will add $4.7 million in revenue and $0.75 million in EBITDA to Apiam on a FY21 basis. The clinic has a strong financial track record, delivering 15.8% revenue growth between FY19-FY21.
Apiam currently operates several dedicated equine centres, as well as clinics with equine facilities that form part of mixed animal clinics across the Company’s broader portfolio of 64 veterinary locations Australia-wide. www.apiam.com.au