Charterhouse Capital Partners has reached an agreement to acquire all shares of York-based AIM-listed international veterinary sales and marketing organisation, Animalcare, for approximately £235.2m on a fully diluted basis.
Under the terms of the cash offer, each Animalcare shareholder will be entitled to receive 336 pence in cash for each share held, representing a premium of approximately 36% to the closing price of 247 pence per share on 15 April, 27.4% to the three-month VWAP, and 33.3% to the six-month VWAP.
Charterhouse believes Animalcare represents an attractive asset with unique characteristics as a global animal health pharmaceuticals platform. The firm, which operates in seven countries and exports to approximately 40 countries in Europe and worldwide, is strategically positioned in an attractive animal health market, supported by structural tailwinds. Charterhouse believes that Animalcare has built a balanced and focused portfolio of products with low product concentration and broad geographic coverage across Europe and Australasia.
Animalcare has approximately 165 animal health pharma brands across multiple markets and therapeutic areas, with its core focus on pain management, anaesthetics and analgesics, fluid therapy, gastric ulcer and non-antibiotic anti-infectives, and dental products. Animalcare has a long-established presence in Europe, and has recently expanded into APAC through its acquisition of Randlab, the Australia-based equine veterinary business.
Animalcare’s 2024 acquisition of Randlab for £62.2m serves as a strategic blueprint for the firm’s global expansion, according to Charterhouse, and proves the buy-and-build capabilities, and that strong internal R&D capabilities provide a path to further growth. But the European private equity firm believes Animalcare is better able to achieve its long-term growth potential as a private company rather than a public company.
At its capital markets event in March, Animalcare announce new medium-term financial ambitions, including reaching around £150m of revenue with a pathway to 25% EBITDA margin by 2030. Animalcare’s board believes that the company can be more competitive in accelerating its M&A activities and executing off-market deals under a private equity ownership model.
Charterhouse is one of the longest-established private equity firms operating in Europe, with a strong track-record of deploying capital into the healthcare sector. It believes it can leverage its experience, resources and network to help build on the existing strong foundations and support the Animalcare business in its next phase of growth.
In its FY25 trading update in January,Animalcare reported a 20% increase in revenues to approximately £89.1m (2024: £74.2m), with underlying EBITDA growth of approximately 50% versus prior year (2024: £11.6m). Net debt stood at £9.1m as at 31 December 2025 (2024: £9.0m).
Rothschild & Co is financial adviser to Charterhouse. Stifel Nicolaus Europe is financial adviser and joint broker to Animalcare. Panmure Liberum is joint broker. Allen Overy Shearman Sterling is legal adviser to Charterhouse. Squire Patton Boggs is legal adviser to Animalcare.
Press release: Recommended Acquisition of Animalcare Group plc – 07:00:04 16 Apr 2026 – ANCR News article | London Stock Exchange
