Banks line up £150m buyout financing for Independent Vetcare

By Hannah Brenton (Reuters) - Banks are lining up debt financing of around £150m ($190.61 million) backing the buyout of UK veterinary care business Independent Vetcare from Summit Partners, three sources familiar with the matter said. Bain, EQT and Nordic Capital are all lining up bids before Thursday's bid deadline, the sources said. Canadian pension fund giant Omers’ private equity arm is also eyeing the business, one of the sources said. Ares considered a bid but has dropped out, a second source said. Summit Partners declined to comment. Independent Vetcare is attracting private equity interest despite uncertainty surrounding Britain’s vote to leave the European Union and its impact on the UK economy. “The UK’s propensity to spend money on pets is very stable,” the first source said. Independent Vetcare has Ebitda of around £30m, the three sources said. Banks are lining up financings of around 5.0 times through the senior debt. Some direct lenders are also looking at financings for the business with higher leverage of more than 6.5 times, the second source said. IVC was formed in 2011 from the consolidation of several large independent veterinary practices across the UK. It now has more than 290 practices, according to its website. Summit Partners bought a majority stake in the company in 2014. (Editing by Tessa Walsh)