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Beechbrook Capital Invests in LuxVet Group Providing Acquisition Capital

23 April 2024

Beechbrook Capital (“Beechbrook”), a leading lower-mid-market debt manager in the UK and Europe, has completed an investment in the LuxVet Group (“LuxVet”), the largest platform of veterinary clinics in Poland, from its Private Debt IV fund, providing senior debt to co-finance the expansion of its platform via acquisitions of veterinary clinics.

The LuxVet Group, which has already secured capital from funds managed by Oaktree Capital Management, L.P. (“Oaktree”), Cornerstone Investment Management and INVL Baltic Sea Growth Fund, is Beechbrook Capital’s first investment in Poland as part of its continental Europe-focused investment strategy.

Headquartered in Warsaw, the LuxVet Group is consolidating and integrating the fragmented veterinary industry in Poland, which has the largest pet population in Europe.

In two years of operation, the Group has grown to become the largest platform of veterinary clinics in Poland and is also expanding into surrounding regions.

LuxVet provides strategic support for the clinics joining the platform, contributing to their further growth and development. This includes investments in advanced medical equipment, providing training and development paths for staff, and providing management and administrative support. At the same time, the Group is building a state-of-the-art veterinary referral hospital in Warsaw, which will be an important link in the reference network and a natural destination for patients requiring advanced specialist care – ranging from emergency and critical care to orthopaedics, neurology, dentistry, diagnostic imaging, and more.

Overall, LuxVet is creating a platform for top quality veterinary services in Poland and raising the standards of work in the veterinary sector.

Beechbrook Capital’s investment will be used to support further acquisitions and accelerate LuxVet’s expansion in Poland and Central and Eastern Europe.

David Merriman, Head of European Private Debt at Beechbrook, commented: “We are delighted to partner with Oaktree and Cornerstone along with the excellent LuxVet management team in their ambitious programme of growth and enhancement in the Polish veterinary sector. We have had an excellent experience working with all parties on this transaction and look forward to the development of the business in the coming months and years. This transaction marks our first investment in Poland, a market in which we are seeing many interesting opportunities in the lower mid-market.”

Piotr Zajączkowski, CEO of the LuxVet Group, commented: “Our ambition is to a create strong, effective and friendly pet healthcare provider by bringing individual practices together into a strong group, provide good working and development conditions for staff and invest in innovative solutions. I am delighted that Beechbrook will support us in these efforts.”

Karim Khairallah, Managing Director and Co-Portfolio Manager at Oaktree, added: “We are pleased to partner with Beechbrook as we continue to support LuxVet in its mission to raise the bar of quality veterinary services and standards of work in the veterinary sector. This new financing will play a key role in enhancing LuxVet’s growth as it continues its European expansion.”

Tomasz Jemielity, Vice President at Cornerstone Investment Management, said: “We are looking forward to this collaborative journey with Beechbrook, and welcoming a new partner who shares confidence in Luxvet, to drive positive change in the industry. This alliance not only underscores our joint commitment to the welfare of all beloved animal companions but also represents a strategic investment in the future of pet healthcare.”

Beechbrook Capital