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Veterinary chain IVC Evidensia has spent £34mn over the past two years dealing with the UK competition regulator’s probe into the industry, according to the private equity-owned group’s newly filed accounts.
The conclusion of the regulator’s investigation paves the way for IVC’s owner, EQT, to prepare for an exit via a stock market listing or sale after owning the business for the past decade.
IVC Evidensia spent £10.6mn on costs “relating to compliance” with the Competition and Markets Authority investigation in the year to the end of September 2025 and £24mn the previous year, according to accounts filed with Companies House.
The CMA review launched in September 2023 came as EQT had been considering its next steps for IVC.
The regulator ruled that UK vets would only be able to charge a maximum of £21 for the first prescription, capping some medicine prices and forcing more price transparency. However, analysts said businesses were largely relieved that there were no further price controls or threat of ongoing monitoring of the industry.
The regulator, which concluded its investigation into the veterinary sector in March, found that average prices at practices owned by Medivet, IVC, CVS, VetPartners and Linnaeus were 18.3 per cent higher than independent practices for consultations, treatments and medicines. The CMA said that practices had to be more transparent if they were part of a chain.
Some 60 per cent of the UK’s £6.7bn market is controlled by large vet chains while IVC is the biggest player in the UK vet market. The business has 2,600 sites in 19 countries and says it cares for 190,000 animals a week.
IVC has been in early discussions with advisers about a potential multibillion-pound stock market listing in London or Europe but a decision on whether to press ahead with an IPO or a potential sale route has yet to be made, according to people familiar with the business.
Kit Kat maker Nestlé also owns a stake in IVC via its Purina PetCare business while Silver Lake is also invested in IVC. The business was valued at more than €12bn in a 2021 financing and it has since added even more vet practices.
Adjusted earnings before interest, tax, depreciation and amortisation rose by 4 per cent to £719.6mn from £693.3mn in 2025, while revenues were flat at £3.42bn.
Statutory losses widened from £309mn to £904mn, predominantly due to an £818mn writedown of its Canadian business after the acquisition of Vet Strategy in 2021.
Simon Smith, chief executive of IVC, said despite challenging market conditions IVC “delivered a robust performance while investing about £120mn in practices, equipment and training, and in mergers and acquisitions with 122 locations joining in 2025”.
“IVC Evidensia remains well-positioned for long-term delivery of outstanding clinical care and sustainable growth,” he added.
