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CVS Group Buys Albavet, Pet Crematorium; Enters Into New Bank Facility Deal

CVS Group plc. (CVSG.L), UK-based provider of veterinary services, announced Friday that it acquired the entire share capital of Albavet and its unit VETisco Limited, as well as The Pet Crematorium.

The total consideration payable to the shareholders of Albavet is 11.3 million pounds including costs. CVS will also acquire net debt of approximately 0.1 million pounds with Albavet.

Albavet Group employs some 34 professional vets and over 150 staff in total across three separate businesses. In the year 2014, Albavet had turnover of approximately 6.6 million pounds, of which 5.5 million pounds was generated by the surgeries, and profit before tax was 0.6 million pounds. The VETisco instrumentation business currently makes a small loss.

CVS has also acquired the entire share capital of The Pet Crematorium which consists of two crematoria: the first is located at Witton Gilbert, near Durham and the second is at Larkhall, near Hamilton. It employs about 22 staff. The terms of this transaction are below the threshold requiring further disclosure.

Further, CVS announced that it has entered into a new bank facility agreement which provides total facilities of 115 million pounds to support its organic and acquisitive growth initiatives over the coming years.

In addition, the Group has a 5.0 million pounds overdraft facility renewable annually.

In London, CVS shares were trading at 104 pence, up 1.46 percent.

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