Baker McKenzie has advised the private owners of Randlab, an Australian equine veterinary business for an enterprise value of AUD 120 million on their entry into a sale agreement with UK animal health company Animalcare Group.
Angelo Vasili, CEO/managing director of Randlab, said: “After 20 years building Randlab, it is time for me to take a step back. I am deeply grateful to all who have participated in making it what it is today. It was important for me to find someone who was equally passionate to serve our equine veterinarian customers and through them, their clients. In Animalcare we have found that right fit, and I am sure they will continue to help our local teams in Australia, New Zealand and UAE deliver the unique Randlab offering.”
Animalcare said the deal will significantly strengthen its presence in the equine veterinary market, which will represent more than 20% of group sales on a pro forma basis (to 30 June 2024). Jenny Winter, chief executive of York-headquartered Animalcare Group, said: “We are happy to have reached an agreement to acquire Randlab subject to completion of the transaction. This is a highly attractive opportunity to acquire a market-leading equine asset in Australia that is expected to deliver significant earnings accretion in 2025. This is a transformational deal that provides an excellent fit with our growth strategy and is complementary to our product portfolio. Over the last 20 years the Randlab team has built a sustainable, profitable and cash generative business with an impressive track record in a market that places great importance on knowledge and expertise of equine health and wellbeing.”
Randlab has an extensive portfolio of equine brands and a track record of new product launches, including 14 products in the last four years.
The Baker McKenzie team was led by Ben McLaughlin and Nathan Jones in the Sydney office, with support from colleagues in Australia, New Zealand, and the UAE, including Matthew Dempsey, Tara Taylor, Grace Ong, Mahmoud Arafa, and Toby Patten.
Ben McLaughlin said: “We are delighted to have assisted the Randlab team and the sellers on this significant cross-border M&A transaction in the animal healthcare sector. We look forward to completion of the sale in early January 2025.”
