Swedencare, a nutraceuticals provider for pets, has acquired the Canadian pet health company MedVant.
The SEK 34.8m deal will issue Swedencare 130,939 shares upon closing, which will be effective as of the August 1, 2024.
Since 2020, MedVant had been distributing a range of the company’s products exclusively in Canada — specifically from the RX Vitamins’ brand.
With this strategic acquisition, Swedencare can enter the Canadian vet market, while also gaining a portfolio of premium supplements for cats and dogs. MedVant currently sells to around 2,500 veterinary practices in Canada.
Chief Commercial Officer of Swedencare North America, Brian Nugent, commented:
“MedVant has done an excellent job of representing and growing the RX Vitamins range in Canada during the last four years. This strategic move promises to create significant growth opportunities for Swedencare in the Canadian market. We are excited to have our first commercial operation in Canada, where we can continue to expand Swedencare’s broad range of products from the US and Europe.“
The acquired business had sales of CAD $2.5m for the year ending Dec 31st, 2023, corresponding to approximately SEK 19m, with an EBITDA margin of 27%.