Investment case

Investment case

Highly attractive market opportunity

Vimian operates within the EUR 45 billion global animal health market, historically characterised by strong, resilient, and non-cyclical growth. Market development is supported by a number of attractive underlying and secular growth drivers. Growing pet ownership, the humanisation of pets and the increased awareness of available products and treatments for companion animals as well as the growing demand for animal protein, the increased awareness of zoonotic diseases and the strengthening focus on productivity in the livestock market. The company believes that these trends will support an increase in the size of the global animal health market to EUR 67 billion by 2025, corresponding to +8 per cent annual market growth in 2020-2025.

Outpacing high-growth verticals

Vimian and its family of businesses target global niches within animal health, with unmet needs and sustainable above-market growth potential. Its four existing verticals – Specialty Pharma, Diagnostics, Veterinary Services and MedTech – cover high-growth subsegments of the animal health market. Vimian has consistently demonstrated above market growth with an average annual organic growth of over 15 percent 2018-2021.

Unique ecosystem of ambitious entrepreneurs

Vimian is a global, diversified, and growing group of innovation-driven companies operating within selected animal health niche markets. By bringing pioneering and entrepreneurial businesses together, the Company is able to combine the strengths and capabilities of a global group (including broad market access and strong financial resources) with the intimacy, speed and creativity of an owner-led business (such as maintained autonomy for the Vimian family of companies and empowered management teams to allow for quick decision-making and minimal bureaucracy).

Proven M&A track record with significant untapped potential

Vimian partners with exceptional entrepreneurs and management teams to support accelerated innovation and growth. Between 2015 - 2021, with a selective approach to M&A and consolidation, Vimian has successfully signed 35 acquisitions in more than 15 countries across Europe, North America and APAC. Joining people and businesses together who want to contribute to Vimians purpose and thrive in a dynamic, entrepreneurial and non-hierarchical environment. The global animal health market remains highly fragmented, and the Company believes there are significant opportunities available for further value-enhancing M&A efforts. Vimian is continuously adding to its list of acquisition targets within its existing as well as potential new verticals of the global animal health market.

Highly profitable and cash flow generative

Vimian has a history of high and profitable growth. From 2018 to 2021, the Company demonstrated 85 per cent revenue growth CAGR of reaching pro-forma revenue of EUR 215 million. In 2021 organic growth amounted to 16.5 per cent. Pro-forma adjusted EBITDA in 2021 reached EUR 67 million. During the same period the adjusted EBITDA margin improved from 18% to 31.1% on a pro-forma basis. The asset-light nature of Vimian’s business, with Capex (excl. acquisitions) of c. 2 per cent of revenue and Net working capital of c. 20 per cent of proforma revenue, supports strong cash flow generation and cash conversion. In 2021 the company reported 71 per cent cash conversion.