Duarte, Luís MotaWörner, Leonie Kathinka2023-08-022023-08-022023-01-132023-01-12http://hdl.handle.net/10362/156173CVS Group plc is a leading British veterinary service provider and an ideal LBO target. It operates in a strong growing market with a great positioning and shows great value creation potential. By creating value via buy and build, a growing membership program as well as leveraging the online retail unit, fund returns of 3.4x can be achieved within five years. Based on a defensive financing structure with only 5.5x EBITDA on a 13.9x EV/EBITDA valuation, these returns, which are analyzed in great depth, can be realized in a secondary buyout, given the high interest of investors in that market.engValue creationPrivate equityLeveraged buyoutVeterinary servicesmaster thesis203312120