Country for PR: United Kingdom
Contributor: PR Newswire Europe
Saturday, November 19 2022 - 02:13
UNAVETS Receives Euro 116 million Financing from Ares Management to Support Growth
LONDON, November, 18, 2022, /PRNewswire-AsiaNet/--

The UNAVETS Group ("UNAVETS"), the leading veterinary healthcare group with 90+ 
practices across Spain and Portugal, announced today that it has raised an 
additional Euro116 million from Ares Management Credit funds.  Part of the 
capital will refinance existing debt with a significant majority reserved for 
future acquisition and capex funding to acquire veterinary hospitals and 
clinics and to continue acquisitions and investments in meaningful 
adjacencies.  UNAVETS is currently majority owned by funds managed by Oaktree 
Capital Management L.P. ("Oaktree").  

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"We are thrilled Oaktree, and now Ares, as well, are backing our platform - 
helping to fuel our growth," says Junko Sheehan, CEO and Chairman of UNAVETS. 
"As we continue to evolve UNAVETS, this financing will give us additional 
firepower to invest strategically across the veterinary sector - meaning in 
people, facilities, equipment and innovation "to provide the best care for our 
pets and ongoing professional development and future for our vets."

Based on Ares' commitment and support, UNAVETS is now even better positioned to 
continue its successful strategy, employing more than 900 veterinary healthcare 
professionals and support staff in less than three years since its inception.  
The executive team at UNAVETS all bring significant experience to bear both 
within the veterinary sector and from a business perspective.  The Company 
recently recruited Enrique Cardona (COO and Country Manager of Spain; formerly 
CEO of Vetsum) to the executive team, alongside Guilherme Assis (Country 
Manager of OneVet / Portugal), Aaron Sisternes (CFO), and Ignacio Gonzalez 
(Head of M&A and Expansion).  The full headquarters team of ~50 individuals are 
focused on providing support to all of the Clinical Directors and practice 
teams in the Group. 

In addition to supporting the Clinical teams with the necessary resources to 
continue to grow and evolve, UNAVETS is also continuing to grow inorganically 
via M&A.  The Company has invested creatively across the veterinary healthcare 
sector, placing capital strategically in adjacent areas which are synergistic 
with its current portfolio, which has also helped to accelerate its growth.  
Karim Khairallah, Managing Director and Co-Portfolio Manager of the European 
Principal Group at Oaktree, comments, "The UNAVETS platform has seen very 
strong growth since inception and its management team has positioned the 
business well for the next stage of organic and inorganic growth. The Ares 
financing is a testament of this and provides UNAVETS with the right long term 
growth funding that is needed in this sector. Oaktree's European Principal 
Group has worked closely with Ares on multiple transactions, specifically in 
buy and build strategies, and Ares has brought a flexible and tailored 
financing solution that fits UNAVETS' growth needs." 

The veterinary sector in Iberia has undergone a phase shift in consolidation 
over the last couple years and more than likely this trend will only accelerate 
over the coming few years.  In addition to the natural trend towards 
consolidation, research reports have continued to see that overall people are 
not easily willing to compromise on healthcare spending for their family 
members, which now include their pets. Alonso Torre de Silva, Managing Director 
in the Ares Credit Group in Madrid, comments, "The veterinary healthcare sector 
continues to demonstrate strong growth despite broader economic headwinds, 
demonstrating strong forecast fundamentals and recession resilience. Ares is 
pleased to provide capital to UNAVETS as it continues to build on its record of 
rapid growth and disciplined performance."

UNAVETS and Oaktree were advised by Houlihan Lokey on corporate finance, EY on 
tax and Weil Gotshal & Manges and Cuatrecasas on the legal aspects of the deal. 
Ares received legal advice from Macfarlanes and Uria Menendez.


The UNAVETS Group ("UNAVETS") is a leading veterinary healthcare group with 91 
practices across Spain and Portugal. UNAVETS is comprised of 
reference/specialized centers, 24-hour hospitals, primary opinion clinics and 
vet offices, which guarantee a complete service offering. Its growth strategy 
started with a focus on Iberia but has since expanded to other European 
countries and the United States, as well as adjacent verticals synergistic with 
veterinary healthcare.  UNAVETS differentiates via heavy investment in 
science-led clinical training, equipment and clinic business support; 
continuing to push the envelope in favor of advanced veterinary care.  For more 
information please visit:

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative 
investment manager offering clients complementary primary and secondary 
investment solutions across the credit, private equity, real estate and 
infrastructure asset classes. The firm seeks to provide flexible capital to 
support businesses and create value for its stakeholders and within its 
communities. By collaborating across its investment groups, Ares Management 
Corporation aims to generate consistent and attractive investment returns 
throughout market cycles. As of September 30, 2022, Ares Management 
Corporation's global platform had approximately $341 billion of assets under 
management, with over 2,450 employees operating across North America, Europe, 
Asia Pacific and the Middle East. For more information, please visit

About Oaktree

Oaktree is a leader among global investment managers specializing in 
alternative investments, with $163 billion in assets under management as of 
September 30, 2022. The firm emphasizes an opportunistic, value-oriented and 
risk-controlled approach to investments in credit, private equity, real assets 
and listed equities. The firm has over 1,050 employees and offices in 20 cities 
worldwide. For additional information, please visit Oaktree's website at

Source: UNAVETS Group and Ares Management