A4G LLP also advised Priory Lodge Vets, while Pennard Vets was advised by Castle Corporate Finance in relation to securing a refinancing deal with Shawbrook Bank as part of the acquisition process.
Priory Lodge Vets was established more than 70 years ago, and today boasts a dedicated team of 20 employees who care for more than 4,500 pets. Veterinary surgeons Dr Abby Pye and Dr Dirk Brink, former owners of Priory Lodge Vets, will continue to lead the practice in the wake of the acquisition.
Founded in 1895 and transferred into employee ownership in 2021, Pennard Vets operates seven veterinary practices across Kent in Allington, Borough Green, Langley Park, Maidstone, Sevenoaks, Tonbridge and West Malling. It is also the first veterinary practice in Europe to become B-Corp certified.
“We are very excited to join Pennard Vets and become part of the employee-ownership trust (EOT),” said Dr Abby Pye. “Based on Pembury Road for the last 44 years, we have evolved and grown over the years, but the one thing that has always remained consistent is our commitment to putting the welfare of our clients’ pets first. All the familiar and friendly faces our clients know and love will remain the same, but the partnership with Pennard Vets will also allow us to expand our range of services to our valued clients.”
An Interview with Victoria Sampson, Partner and Head of the Corporate & Commercial team at CooperBurnett Solicitors LLP:
Can you please tell us more about the background to this deal and the role that your team played in seeing it to completion?
Priory Lodge Vets is a business I know well, as I have been taking my cats there as a client for over 20 years. This meant that I already appreciated first-hand how professional and caring the team are and what a great business it is.
This deal gave us the opportunity to really come together as a team – which is how we work best at CooperBurnett. I have been here for 27 years and have been co-leading in its active evolution. At the heart of CB is its people and we have grown the team recently to include experienced partner Russell Brinkhurst, as well as senior associate (Hong Kong-qualified) Natalie Lai. Both have brought us fantastic skills and experience.
I led the corporate deal in the latter stages, alongside senior paralegal Carla Loveday and paralegal Iola Palmer-Stirling, who provided valuable support to Abby and Dirk on a daily basis. In addition, partner Jonathan Rowe from our Commercial Property team dealt with the property aspects emanating from the transaction, including the lease back of the building.
This deal gave us the opportunity to really come together as a team – which is how we work best at CooperBurnett.
Here at CooperBurnett, we have built expertise in veterinary practice M&A over the years and, using that knowledge, our team was there to guide our clients through every aspect of the deal, holding their hands throughout.
What were the key considerations involved in enabling Priory Lodge Vets’ entry into the employee-ownership trust?
Abby and Dirk very much wanted to stay as part of the business and play an ongoing role in its success. By utilising an employment ownership trust, they were able to achieve this, as well as incentivising and rewarding their team as they continue the journey together.
This deal means that Priory Lodge Vets can not only continue providing a fantastic service to animals and their owners across Tonbridge and the surrounding villages but, as part of Pennard Vets, it now has the potential to grow the practice and offer clients even more services and support as part of a bigger group.
In an industry where there are a number of large acquisitive veterinary practices in the market, I like the fact that Priory Lodge Vets has been acquired by a local and growing group which is also based in Kent.
Did you encounter any significant challenges during the merger? How did you overcome them?
I guess the challenge was to manage client expectations over the amount of time the deal would take and it was drawn out. The due diligence was extensive but Priory Lodge Vets was run brilliantly, so there were no issues as far as this was concerned. Carla was excellent at guiding Abby and Dirk through this part of the process.
We would like to wish Abby, Dirk and the entire team at Priory Lodge Vets the best as they embark on this next stage of their journey. I, for one, am delighted that my cats will continue to receive the same ongoing care and attention we have enjoyed for 20 years.
Victoria Sampson
E: vls@cooperburnett.com
T: 01892 515022
