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Swedencare AB (publ) acquires the Italian pet healthcare company Innovet

17:31 / 26 January 2022 Swedencare Press release

Swedencare AB (publ) (“Swedencare”) acquires the Italian company Innovet, one of Italy's leading and most profitable supplement companies focused on the veterinary segment. The purchase price amounts to EURO 50 million (approximately SEK 525 million) and consists of EURO 42,5 million (approximately SEK 446 million) in cash and an issue-in-kind of 606 799 shares in Swedencare, EURO 7.5 million (approximately SEK 79 million) upon closing, which is expected to take place after required regulatory approval. Through the acquisition, Swedencare will receive a strong position within supplements on the Italian pet healthcare market, while Innovet's internationalization will have increased resources through Swedencare's global distribution network.

About Innovet

Innovet, founded in 1996 by the owner family della Valle, has an in-house developed and patent-protected portfolio of science-based products in several categories. The products are offered primarily to the Italian veterinary segment, online and internationally. The market share in Italy is estimated at approximately 2.5%.

Innovet's products covers therapy areas such as joint, dermatology and pain relief. The company's product development is largely based on scientific studies about the replication of the body's natural defense mechanisms.

Innovet’s sales for TTM October 2020 - September 2021 were EURO 12.6 million (approximately SEK 128.8 million) with an adjusted EBITDA of EURO 4.5 million (approximately SEK 45.7 million) (35.4%).

The purchase price of EURO 50 million (approximately SEK 525 million), on a cash- and debt free basis, correlates to 11.2 times the company's adjusted EBITDA for the period TTM October 2020 - September 2021.

CEO and co-founder Renato della Valle will continue to lead the company while at the same time as the holding Epinn Srl owner company becomes a shareholder in Swedencare.

“Innovet has marketed and sold ProDen PlaqueOff® in Italy (under trademarks Restomyl® Supplemento and Dentalcroc) for many years in a successful way and we have got to know Renato della Valle and his company as a good partner for our continued investments in science-based product development in the premium segment. At the same time, we can contribute to the acceleration of Innovet's internationalization, the synergies are obvious and can be launched immediately.” says Håkan Lagerberg, CEO of Swedencare.

”After 25 years of investments to transfer scientific innovation coming from our research network to the Pet health field, we are so excited to become members of the growing international Swedencare group. This will open many international market opportunities to our innovative science-based products. Innovet and Swedencare share the same philosophy - pets deserve proven products with the highest quality for their wellbeing. We also share the ambition to grow with a high profitability, something that is a guarantor for continued improvement in all we do. Many opportunities are waiting for us in the new market niches and we look forward to continue our development within the Swedencare family with presence around the globe.” says Innovet's CEO Renato della Valle.

Further information regarding the acquisition can be found on the website of Swedencare For further information about Innovet, see the company’s website


The cash part of the acquisition purchase price is intended to be financed with a bank credit.
The sellers of Innovet have entered into a customary lock-up with the Company of 12 months for 3/3 of the shares, 24 months for 2/3 of the shares and 36 months for 1/3 of the shares following the completion of the Share Issue.

The Law firm Advokatfirman Lindahl KB has assisted Swedencare with advice in the transaction.

Presentation of the acquisition
A presentation of the acquisition will be held January 27th at 11:00am CET and can be followed via live webinar. Presentation will be held in English, no registration is needed.

Please use this link to join the webinar:

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This information was distributed by MFN