National Veterinary Care (ASX:NVL) is expanding into the New Zealand market with the acquisition of a portfolio of seven clinics in New Zealand.
The New Zealand markets is worth about $1.5 billion New Zealand dollars and is highly fragmented with the vast majority of clinics owned by one or a small number of vets.
The deal is still subject to final approval and will cost NVL about $8 million with earnings expected to be accretive in the 2017 fiscal year.
A clinic in Queensland has also been bought for $1.36 million with NVL now expanding to over 40 veterinary services business across Australia and New Zealand.
The recently listed NVL reported a half yearly net profit of $15-thousand dollar.