Consolidation of Spanish veterinary centres

What is the state of consolidation of the Spanish veterinary sector?

At VMS, we monitor the evolution of the number of units consolidated by the different corporations on a quarterly basis, through our Census of veterinary centres and from the information that the corporations themselves publish on their websites. At the end of 2023, this is the map of veterinary consolidation in Spain:

Source: Census of veterinary clinics VMS 2023

Some interesting facts about consolidators:

  • The consolidators have acquired/opened a total of 412 units so far (end 2023).
  • This is a 5,8% of the universe of 7,126 veterinary centres that we have registered in VMS for the year 2023.
  • At VMS, we estimate the aggregate turnover of the groups* at €323m for the year 2023. To make this calculation, we have used the accounts filed in the commercial register by the companies that control these 412 units (* for this analysis we have considered VetPartners, Anicura, Unavets, IVC Evidensia, Medivet, MiVet, Caservet, Canitas, Vetland and Salud Fuerte as veterinary groups, in order of number of units).
  • Most consolidators have already filed their 2022 accounts (full or partial), except for a few that have not done so since 2021. We have assumed unit revenue growth of 10% in 2022 and 12% in 2023.
  • This €323m represents a 12,4% 2.613M of the 2.613M generated by the sector as a whole (see VMS Annual Summary)
  • We estimate the average turnover per consolidated centre at around €784,000 per year.
  • The average profitability (average Ebitda figure of each of the consolidators) (data from the Companies Register 2021 and 2022) is 9.91 p.p.3Q2021 and 2022).
  • The weighted profitability (sum of the ebitda of the 412 centres divided by the revenues of the 412 centres) (data from the Commercial Register 2021 and 2022) is 6.8%.

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