UNAVETS Receives €116 Million in Funding from Ares Management to Support Growth


LONDON, November 18, 2022 /PRNewswire/ — UNAVETS Group (“UNAVETS”), the leading veterinary care group with more than 90 practices across Spain and Portugal, announced today that it has raised an additional €116 million from Ares Management Credit funds. A portion of the capital will refinance existing debt with a significant majority reserved for future acquisitions and to fund capital expenditures to acquire hospitals and veterinary clinics and to pursue acquisitions and investments in significant adjacencies. UNAVETS is currently majority owned by funds managed by Oaktree Capital Management LP (“Oaktree”).


“We’re thrilled that Oaktree and now Ares are also supporting our platform, which helps fuel our growth,” says Junko Sheehan, CEO and President of UNAVETS. “As we continue to scale UNAVETS, this funding will give us additional firepower to strategically invest in the veterinary sector – meaning people, facilities, equipment and innovation – to to provide the best care for our companion animals and the continued professional development and future of our veterinarians.”

Thanks to Ares’ commitment and support, UNAVETS is now even better positioned to continue its successful strategy, employing over 900 veterinary health professionals and support staff in less than three years since its inception. The UNAVETS management team brings significant experience both in the veterinary sector and from a commercial point of view. The Company recently recruited Enrique Cardon (COO and Country Manager of Spain; former CEO of Vetsum) to the management team, alongside Guilherme Seated (country manager of OneVet / Portugal), Aaron Sisternes (Chief Financial Officer) and Ignatius González (Head of M&A and Expansion). The full head office team of approximately 50 people is focused on supporting all of the group’s clinical directors and practice teams.

In addition to supporting clinical teams with the resources to continue to grow and evolve, UNAVETS also pursues inorganic growth through mergers and acquisitions. The Company has creatively invested in the veterinary healthcare sector, strategically placing capital in adjacent areas that synergize with its current portfolio, which has also helped accelerate its growth. Karim Khairallah, Managing Director and Co-Portfolio Manager European Lead Group at Oaktree, comments, “The UNAVETS platform has experienced very strong growth since its inception and its management team has positioned the company well for the next stage of organic and inorganic growth. Ares’ funding reflects this and provides UNAVETS with the right growth funding term that is needed in this sector.Oaktree’s European Core Group has worked closely with Ares on several transactions, particularly in the purchase and build strategies, and Ares has provided a flexible and flexible financing solution. tailored to meet the growth needs of UNAVETS.

The veterinary sector in the Iberian Peninsula has experienced a phase change in consolidation over the past two years and it is more than likely that this trend will only accelerate in the coming years. In addition to the natural tendency towards consolidation, research reports have continued to find that on the whole, people are not easily willing to compromise on healthcare expenditures for their family members, which now includes their pets. Alonso Torre de SilvaManaging Director of the Ares Credit Group in Madridcomments, “The veterinary healthcare sector continues to show strong growth despite broader economic headwinds, demonstrating strong fundamental guidance and recession resilience. Ares is pleased to bring capital to UNAVETS as it continues to build on its track record of rapid growth and disciplined performance.

UNAVETS and Oaktree were advised by Houlihan Lokey on corporate finance, EY on taxation and Weil Gotshal & Manges and Cuatrecasas on the legal aspects of the transaction. Ares received legal advice from Macfarlanes and Uría Menéndez.


UNAVETS Group (“UNAVETS”) is a leading veterinary care group with 91 practices across Spain and Portugal. UNAVETS is made up of reference/specialist centres, 24-hour hospitals, primary opinion clinics and veterinary surgeries, which guarantee a comprehensive service offer. Its growth strategy began with a focus on the Iberian Peninsula, but has since expanded to other European countries and United States, as well as adjacent verticals in synergy with veterinary healthcare. UNAVETS differentiates itself with significant investments in science-led clinical training, equipment, and clinical enterprise support; continue to push the boundaries for advanced veterinary care. For more information, visit: https://www.unavets.com.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager providing clients with complementary primary and secondary investment solutions across the asset classes of credit, private equity, real estate and infrastructure. The company seeks to provide flexible capital to support businesses and create value for its stakeholders and within its communities. By collaborating through its investment groups, Ares Management Corporation aims to generate consistent and attractive investment returns throughout market cycles. From September 30, 2022Ares Management Corporation’s global platform had approximately $341 billion of assets under management, with more than 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 leading global investment manager specializing in alternative investments, with $163 billion of assets under management at 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 company has more than 1,050 employees and offices in 20 cities around the world. For more information, please visit Oaktree’s website at http://www.oaktreecapital.com/.

SOURCE UNAVETS Group; Management of Ares


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