Duarte, Luís MotaRau, Constantin2024-04-242024-04-242023-01-122023-01-12http://hdl.handle.net/10362/166557CVS 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. Given the economic uncertainty, this is based on a defensive financing structure with only 5.5x EBITDA on a 13.9x EV/EBITDA valuation. These returns can be realized in a secondary buyout, given the high interest of investors in that market.engValue creationPrivate equityLeveraged buyoutVeterinary servicesmaster thesis203363604