Hallmarq Veterinary Imaging Limited
August Equity has announced that it has funded the management buy-out of Hallmarq Veterinary Imaging, a global specialist in MRI scanning of horses and companion animals.
LGB has supported the development of the company since 2007 when it acted as placing agent in an EIS equity fundraising. Further equity investments by LGB’s clients followed in 2008 and 2011. LGB also arrange the exit of an early VCT investor through the transfer of its shares to a family office in 2014. In 2009 LGB established a £3 million secured loan note programme that financed the placement of equine scanners at vet practices around the world. This facility enabled Hallmarq to establish a recurring revenue business model, which is a key strength of the company today.
August will support the international development of the business. CEO Jos Belgrave explained “our next steps are to expand our presence in the US market and to focus further on the PetVet system to ensure that vets worldwide have access to the most effective diagnostic technology.”
The financial details of the transaction were not disclosed, but LGB’s investors were able to achieve an attractive multiple on their equity investments.