IVC, the private equity-owned veterinary group, has spent £34 million on legal and advisory fees in connection with a UK competition probe into its business practices.
The substantial expenditure underscores the intensity of the regulatory scrutiny facing the firm as it navigates challenges to its market position in the UK veterinary sector.
The probe centers on concerns regarding the consolidation of veterinary practices under private equity ownership and its potential impact on competition and consumer choice.
IVC's significant investment in legal defense suggests the company views the investigation as a material threat to its operations and is prepared for a lengthy regulatory process.
This development adds to a broader wave of regulatory scrutiny on private equity roll-up strategies in professional services.
The UK Competition and Markets Authority has been increasingly active in examining market structures where private equity firms acquire multiple independent practices, raising questions about pricing power and service quality.