Nordic Capital wins prestigious Operational Excellence Award for the fifth time - AniCura named winner in EMEA Large Cap category

OCTOBER 02 2019

Nordic Capital is pleased to have won the Private Equity International Operational Excellence Award in the EMEA Large Cap Award category for its support of AniCura, a leading European provider of vet care. During Nordic Capital’s ownership period, AniCura grew fourfold, expanding from three to eleven countries to become a pan European market leader.

With Nordic Capital’s hands-on support over a four-year ownership period, AniCura successfully increased its number of clinics from 50 to over 200, its employees from 1,000 to 4,500 people and its pro forma revenues from approximately SEK 0.9 bn to SEK 3.3 bn. The number of animals cared for by the Company, meanwhile, increased from 500,000 in 2014 to 2.5 million in 2018.  At the time of its exit to Mars Petcare in 2018, AniCura represented the largest ever veterinary clinics deal in Europe and the second-largest worldwide.

AniCura’s rapid growth was underpinned by a proactive buy and build strategy that enabled the Company to expand its geographical footprint from three to eleven countries.  Nordic Capital was instrumental in helping the Company to build strong M&A capabilities and complete 150 add-on acquisitions. Today, AniCura is a valued partner for pet owners and referring veterinarians in Scandinavia, Germany, Austria, Switzerland, the Netherlands, Spain, Italy and France.

In order to support AniCura’s rapid growth, Nordic Capital helped to establish a new organisational and operational structure that ensured the highest degree of scalability for the future. It invested in the professionalisation of the business, developing a unique and differentiated corporate culture that is recognised across the industry and was central to the Company becoming the pan-European leader in specialised veterinary care. Nordic Capital also drew on its in-house strategic HR capabilities, a key element of the operational cross portfolio support it provides, in order to strengthen the central management team and build a highly capable in-house M&A function.

Awards judge Pablo Echart describes AniCura’s success as an “amazing pan-European platform build-up leveraging the scale while benefiting from the local customer loyalty”.

“We are delighted to have won this award and to have been recognised for our operational strength once again. Nordic Capital has always had an industrial approach and mindset to developing stronger companies operationally, competitively and financially. Indeed some 70% of the value created in our portfolio companies is driven by operational improvement. AniCura is an excellent example of this and this award is a great credit to the success that the CEO Peter Dahlberg and the management team achieved during Nordic Capital’s four-year ownership period,” says Kristoffer Melinder, Managing Partner, Nordic Capital Advisors.

Nordic Capital has previously won the PEI Operational Excellence Award for the development of Bambora in 2018, Thule in 2015, Permobil in 2013 and Nycomed in 2012.


Press contact:

Nordic Capital
Katarina Janerud, Communications Manager
Adviser to Nordic Capitals Funds
Tel: +46 8 440 50 50

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Core sectors are Healthcare, Technology & Payments, Financial Services and in addition, Industrial & Business Services and Consumer. Key regions are Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested more than EUR 14 billion in over 100 investments. The most recent fund is Nordic Capital Fund IX with EUR 4.3 billion in committed capital. The Nordic Capital vehicles are based in Jersey. They are advised by several advisory entities based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which are referred to as Nordic Capital Advisors. For further information about Nordic Capital, please visit