Nov 04 2021
Vimian Group acquires leading UK company within veterinary surgical products
Vimian Group today announces signing of the acquisition of Freelance Surgical, one of the leading providers of veterinary surgical products in the United Kingdom. Freelance Surgical has 17 employees and revenues of around GBP 6 million on an annual basis.
Vimian Group AB (publ) (“Vimian Group”) has today signed an agreement to acquire Freelance Surgical. Founded in 1987, Freelance Surgical is a family-owned business based in Bristol, UK, that distributes and markets high-quality surgical products for the British veterinary market. The company serves 1,500 veterinary clinics across the UK with orthopaedic implants as well as other surgical products. In addition to distribution of surgical products, Freelance Surgical offers trainings for veterinarians in a newly built facility in Bristol.
Freelance Surgical will form part of Movora, the operating company within Vimian Group’s MedTech segment.
“The acquisition of Freelance Surgical marks an important milestone in our strategy to establish direct sales in certain key markets around the world. We have been working together with the Freelance Surgical team over the past five years and the acquisition is a natural next step in our relationship to accelerate sales in this large and growing veterinary market”, says Fredrik Ullman, CEO Vimian Group.
“We look forward to join Vimian Group and continue to grow and develop our business in an entrepreneurial environment”, says James Towler co-founder, Freelance Surgical.
The acquisition will have a marginal impact on Vimian Group's earnings per share in the current financial year and closing is subject to customary closing conditions. The acquisition is financed with available funds as well as an issue in kind of a total of 148,394 shares, comprising of 74,197 ordinary shares and 74,197 class C shares, to the selling management as a reinvestment in Vimian Group. The total number of shares in Vimian Group following completion of the acquisition will amount to 389,210,290, of which 364,389,685 ordinary shares and 24,820,605 class C shares. Freelance Surgical is expected to be consolidated into Vimian Group from December 1, 2021.