PR98893

LONDON, November, 18, 2022, /PRNewswire=KYODO JBN/--

The UNAVETS Group ("UNAVETS"), the leading veterinary healthcare group with 90+

practices across Spain and Portugal, announced today that it has raised an

additional Euro116 million from Ares Management Credit funds.  Part of the

capital will refinance existing debt with a significant majority reserved for

future acquisition and capex funding to acquire veterinary hospitals and

clinics and to continue acquisitions and investments in meaningful

adjacencies.  UNAVETS is currently majority owned by funds managed by Oaktree

Capital Management L.P. ("Oaktree").  

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"We are thrilled Oaktree, and now Ares, as well, are backing our platform -

helping to fuel our growth," says Junko Sheehan, CEO and Chairman of UNAVETS.

"As we continue to evolve UNAVETS, this financing will give us additional

firepower to invest strategically across the veterinary sector - meaning in

people, facilities, equipment and innovation "to provide the best care for our

pets and ongoing professional development and future for our vets."

Based on Ares' commitment and support, UNAVETS is now even better positioned to

continue its successful strategy, employing more than 900 veterinary healthcare

professionals and support staff in less than three years since its inception.  

The executive team at UNAVETS all bring significant experience to bear both

within the veterinary sector and from a business perspective.  The Company

recently recruited Enrique Cardona (COO and Country Manager of Spain; formerly

CEO of Vetsum) to the executive team, alongside Guilherme Assis (Country

Manager of OneVet / Portugal), Aaron Sisternes (CFO), and Ignacio Gonzalez

(Head of M&A and Expansion).  The full headquarters team of ~50 individuals are

focused on providing support to all of the Clinical Directors and practice

teams in the Group.

In addition to supporting the Clinical teams with the necessary resources to

continue to grow and evolve, UNAVETS is also continuing to grow inorganically

via M&A.  The Company has invested creatively across the veterinary healthcare

sector, placing capital strategically in adjacent areas which are synergistic

with its current portfolio, which has also helped to accelerate its growth.  

Karim Khairallah, Managing Director and Co-Portfolio Manager of the European

Principal Group at Oaktree, comments, "The UNAVETS platform has seen very

strong growth since inception and its management team has positioned the

business well for the next stage of organic and inorganic growth. The Ares

financing is a testament of this and provides UNAVETS with the right long term

growth funding that is needed in this sector. Oaktree's European Principal

Group has worked closely with Ares on multiple transactions, specifically in

buy and build strategies, and Ares has brought a flexible and tailored

financing solution that fits UNAVETS' growth needs."

The veterinary sector in Iberia has undergone a phase shift in consolidation

over the last couple years and more than likely this trend will only accelerate

over the coming few years.  In addition to the natural trend towards

consolidation, research reports have continued to see that overall people are

not easily willing to compromise on healthcare spending for their family

members, which now include their pets. Alonso Torre de Silva, Managing Director

in the Ares Credit Group in Madrid, comments, "The veterinary healthcare sector

continues to demonstrate strong growth despite broader economic headwinds,

demonstrating strong forecast fundamentals and recession resilience. Ares is

pleased to provide capital to UNAVETS as it continues to build on its record of

rapid growth and disciplined performance."

UNAVETS and Oaktree were advised by Houlihan Lokey on corporate finance, EY on

tax and Weil Gotshal & Manges and Cuatrecasas on the legal aspects of the deal.

Ares received legal advice from Macfarlanes and Uria Menendez.

About UNAVETS

The UNAVETS Group ("UNAVETS") is a leading veterinary healthcare group with 91

practices across Spain and Portugal. UNAVETS is comprised of

reference/specialized centers, 24-hour hospitals, primary opinion clinics and

vet offices, which guarantee a complete service offering. Its growth strategy

started with a focus on Iberia but has since expanded to other European

countries and the United States, as well as adjacent verticals synergistic with

veterinary healthcare.  UNAVETS differentiates via heavy investment in

science-led clinical training, equipment and clinic business support;

continuing to push the envelope in favor of advanced veterinary care.  For more

information please visit: https://www.unavets.com.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative

investment manager offering clients complementary primary and secondary

investment solutions across the credit, private equity, real estate and

infrastructure asset classes. The firm seeks to provide flexible capital to

support businesses and create value for its stakeholders and within its

communities. By collaborating across its investment groups, Ares Management

Corporation aims to generate consistent and attractive investment returns

throughout market cycles. As of September 30, 2022, Ares Management

Corporation's global platform had approximately $341 billion of assets under

management, with over 2,450 employees operating across North America, Europe,

Asia Pacific and the Middle East. For more information, please visit

www.aresmgmt.com.

About Oaktree

Oaktree is a leader among global investment managers specializing in

alternative investments, with $163 billion in assets under management as of

September 30, 2022. The firm emphasizes an opportunistic, value-oriented and

risk-controlled approach to investments in credit, private equity, real assets

and listed equities. The firm has over 1,050 employees and offices in 20 cities

worldwide. For additional information, please visit Oaktree's website at

http://www.oaktreecapital.com/.

Source: UNAVETS Group and Ares Management