Selling or partnering your veterinary clinic in France: fund-backed groups, professional order rules and partners' choices

Until the early 2010s, a veterinary clinic was almost always handed on the same way: a departing partner sold their shares to a colleague already in the practice or to a young graduate who borrowed to buy in. That model still exists, but it is no longer the only one. The relaxation of capital ownership rules in 2010 opened the door to clinic networks, the largest of which are now financed by investment funds and have several hundred sites in France, while many structures remain owned by their practitioners.

At the same time, young vets have turned to salaried work, the professional order has tightened its control over structures that deprive practitioners of effective control of their company, and the French competition authority has taken up the issue. For a partner, a partnership can meet very different objectives: succession, securing wealth, recruiting, investing, or refocusing on medicine rather than management. This changes the possible buyers, the timing and the preparation of their clinic.

A market that has almost doubled in ten years

Veterinary clinic revenue grew 90% between 2015 and 2025 according to Xerfi, driven by a record number of dogs and cats, owners who consider their animal a member of the family and demand for more technical care. ¹ France has around 73 million pets and more than half of French people own a dog or cat, according to the survey published by the pet food federation FACCO in 2026. ² Unlike human healthcare, veterinary care is not subject to any price regulation.

The demographic atlas of the French veterinary order counted 6,625 care establishments and 3,751 practice companies at 31 December 2022, for 20,844 registered vets. ³ The 2024 edition, as at 31 December 2023, counts 21,494, more than 73% of whom work mainly with companion animals and only 15% with farm animals. ^4,5 The number of registrants rose 13.9% between 2019 and 2023, but in 2023, 53.8% of new registrants had not studied at a French school. ⁶ The profession is nearly 60% female, and 75% among those under 40. ⁴ Salaried work weighs heavily: employees in the private sector represented 39% of registrants at the end of 2023, and solo practice now concerns only one vet in ten. ⁴ The atlas also highlights marked territorial gaps: in many areas, recruiting and retaining vets has become the main determinant of a clinic's growth. ^4,5

The drivers of consolidation

Several structural factors are pushing clinics to combine or join a network.

The shortage of vets and the rise of salaried work. The Ministry of Agriculture acknowledges "veterinary desertification" in rural areas, and between 800 and 1,000 vets were missing in 2023 according to figures cited in the Senate. ⁵ Young graduates prefer salaried positions, regulated hours and teamwork. A clinic with two or three partners struggles to recruit and cover absences, which directly limits available appointments, whereas a network offers shared rotas, career paths and locums. The plan to expand veterinary schools, aiming for 75% more vets trained between 2017 and 2030, will only take effect at the end of the decade. ^5,6
Medical specialisation and technical investment. Imaging, operating theatre, hospitalisation, in-house analysis, emergencies, referrals, practice software: the expected level of equipment and staff requires capital partners cannot always provide alone. Networks fund these investments, organise referral pathways between establishments and negotiate purchasing across hundreds of sites.
Pooling support functions. HR, purchasing, accounting, marketing, IT and recruitment can be centralised at network level, freeing up medical time in each clinic. For many partners, shedding management is as strong a motivation as the financial aspect.
The arrival of abundant capital. IVC Evidensia, controlled by the fund EQT, bought the 51 clinics of the VetOne group after raising €3.5 billion in 2021. ¹ Mon Véto raised €100 million from Ardian in 2023, then bought 85 clinics in 2024 and around fifty in 2025. ¹ Argos Vétérinaire raised €100 million in mid-2025, has 115 clinics and is aiming for 200. ¹ These figures reported by Xerfi show the scale of demand. ¹
Generational renewal of partners. Many clinics founded in the 1990s and 2000s are reaching the point of succession. Bringing a young colleague into the capital requires them to accept debt and management, which is no longer the majority aspiration. The network then becomes the most available successor, and offers an alternative to the traditional buy-out between practitioners.

Who buys clinics today

The legal framework shapes the form of transactions. Article L. 241-17 of the French Rural Code requires more than half of the capital and voting rights of a veterinary company to be held by vets practising within it. ⁷ Above all, the Conseil d'État ruled on 10 July 2023 that this majority is not enough if the articles, a shareholders' agreement or a sale promise deprive the vets of effective control of their company: it upheld the deregistration of companies linked to AniCura, and the order then brought similar proceedings against structures linked to IVC Evidensia and Mon Véto. ^7,8 Networks have since adapted their structures, but any arrangement offered to a seller must be examined in light of this case law.

The French competition authority added its own lens in its opinion of 13 October 2025 on the veterinary sector: it notes already significant concentration in some departments and very high concentration in some towns, resulting from clinic acquisitions that mostly escape merger control, says it will monitor the effects of these acquisitions and may review problematic transactions after the fact, and questions common price lists and revenue targets imposed on network vets. ⁹ It also recommends that clinics display their membership of a network. ⁹ For a seller, this means the local competitive situation is now part of the analysis of a deal. Four buyer profiles stand out.

National and international fund-backed networks. IVC Evidensia, Mon Véto, Sevetys or Argos Vétérinaire acquire general clinics and veterinary hospitals following a buy-and-build logic: build a dense network, pool purchasing, IT and recruitment, then sell the whole to another investor within five to seven years. ¹ They look for well-established clinics and stable teams, and sellers keep a majority of the capital of their practice company.
Regional networks and groupings of independent vets. Regional groups build local density and referral pathways between establishments. Non-financialised groupings, of which Xerfi cites VPLUS as an example, pool purchasing, services and training without transferring capital, for partners who want to remain masters of their practice. ¹
Pet industry groups. The Mars group, present in pet food, owns AniCura; the Conseil d'État accepted in 2023 that this activity did not in itself preclude a stake. ⁷
Neighbouring colleagues and vet buyers. Succession between practitioners remains an option for an independent structure, and merging two or three clinics in the same area to share equipment, on-call duties and administrative functions remains the most natural combination.

What this changes for the partner vet

There is no longer a single path to succession, but several.

A full sale suits a partner approaching retirement, with a period of one to three years practising to ensure continuity with clients and the team.
A partnership with reinvestment is for partners, whatever their age, who still have several years of activity ahead: they sell most of the economic value of their clinic, reinvest part of the price in the network's holding and share in the value created at the next transaction. It is often relevant before a major investment cycle or when a partner wants to gradually reduce their activity.
A combination between colleagues creates a territorial group controlled by vets, finances equipment jointly and offers young practitioners an attractive organisation.
A capital reorganisation such as an OBO lets the founding partner monetise part of their shares, financed by debt, and bring young vets into the capital on sustainable terms.

Whatever the structure, human capital is decisive: a clinic where several practitioners are autonomous and the medical organisation is clear reassures a buyer more than a high-activity structure with a fragile team. Here is what buyers look at first.

The team and its retention. Number of vets and nurses, tenure, staff turnover, use of locums, on-call organisation and the team's ability to carry the client relationship after a partner leaves are the first points examined.
Activity mix. Split between consultation, surgery, hospitalisation, imaging, exotic pets, equine or referrals, and the share of product and food sales: this profile determines profitability and possible synergies with the network.
Active client base. Number of clients seen in the year, visit frequency, average spend and client trends indicate the clinic's commercial strength.
Equipment and its renewal. Quality of equipment, theatre, imaging, laboratory, practice software, and the timetable of upcoming investments weigh on price as well as on the buyer's plan.
Location and lease. Local demographics, local competition, attractiveness for recruitment, concentration already reached by networks in the area, security and length of the lease are analysed site by site.
Regulatory compliance. Veterinary pharmacy, management of medicines and waste, articles and shareholders' agreement compliant with the case law on effective control: these issues determine the legal security of the deal.
Real profitability. Once partners' pay is brought to market level and exceptional items adjusted, recurring margin is the basis for discussion.

You are thinking of selling: is this the right moment for you?

This is the first question we ask, and the answer is not the same for everyone. The right moment for a sale or partnership is never automatically "right now", even in a market where networks have abundant capital. It depends on two things: you, meaning your life plans, personal horizon and wealth objectives, and your clinic, meaning its ability to realise today all the value it holds. We encounter two situations.

Your clinic is almost ready. The team is complete and stable, activity is diversified, equipment is recent, partners are aligned on their timetable and profitability is readable. Or you want your clinic to become part of a larger project, that of a large network, often under LBO, that brings the tools, expertise and resources to absorb changes in the profession, which is reassuring for you and for your teams. In this case, a few weeks of preparation are enough to go to market. The current context, with more buyers than ever, then works in your favour.
Your clinic needs time. An experienced salaried vet has just left and surgery has declined, an acute shortage of practitioners limits appointments, margins have been hit by rising salaries or a recent investment, or the pharmacy and regulatory obligations need putting in order. Selling remains possible, but it means accepting a discount and less favourable terms. We will then tell you frankly that it is better to spend several months, sometimes a few years, working on these points, and we can support you through that phase before launching the transaction when you are truly ready.

The workstreams that make the difference in a veterinary clinic are well known: retain the salaried team and address recruitment before going to market, diversify activity beyond general medicine, document activity by vet and procedure type, secure the lease, plan equipment renewal, update the articles and shareholders' agreement in light of the effective control case law, and normalise partners' pay to show real profitability. The post-deal plan also needs clarifying: each partner's role, medical autonomy, HR policy and the desired level of pooling, because that is what wins the team's support. Depending on your starting point, these workstreams take a few weeks or a few years.

The benefit of talking early, even without being sure you want to sell, is knowing which of these two situations you are in, and deciding with full knowledge rather than under the pressure of a direct approach from a network, a partner's departure or a recruitment difficulty.

Facing networks that complete dozens of acquisitions a year with dedicated teams, a vet negotiating alone is rarely on an equal footing. The value of a clinic is not just a headline price: it depends on the deal structure (cash portion, earn-out, reinvestment in the holding), service contracts with the network, warranties, partners' practice and pay conditions, the future of the team and the governance retained. Two offers for the same amount can mean very different things.

The role of an independent M&A adviser is to value the clinic objectively, identify all relevant buyers, fund-backed networks, regional groups, vet groupings, industrial groups and colleagues, put them in competition in a structured and confidential process, and negotiate terms beyond price alone. This competition protects the seller: it lets them compare genuinely different projects.

Frequently asked questions

Why are veterinary clinics combining?

Mainly to recruit and retain vets amid a shortage, pool support functions and on-call duties, finance increasingly expensive imaging, surgery and hospitalisation equipment, and organise partners' succession when young graduates prefer salaried work to debt. Fund-backed networks have accelerated this movement since 2021.

Can an investment fund buy a veterinary clinic in France?

Not directly as a majority owner. The Rural Code requires more than half of the capital and voting rights of a veterinary company to be held by vets practising there, and the Conseil d'État ruled in 2023 that this majority must come with effective control by practitioners, without any agreement or sale promise depriving them of it. ⁷ Fund-backed networks therefore act through a holding, service contracts and a minority stake, in structures the professional order monitors closely.

Can a vet sell their clinic and stay on as a practitioner?

Yes, it is even the most common structure with networks, which need vets to ensure continuity of care and the client relationship. After a full sale, the partner generally practises for one to three years; after a partnership with reinvestment, they continue long term, often relieved of management. Practice conditions, pay and medical autonomy must be defined precisely in the agreements.

Who buys veterinary clinics in France?

National and international fund-backed networks such as IVC Evidensia, Mon Véto, Sevetys or Argos Vétérinaire carry out most deals. They are joined by regional networks, groupings of independent vets that pool resources without taking capital, pet industry groups such as Mars with AniCura, and neighbouring colleagues or buyers in a practitioner-to-practitioner succession.

How long does it take to sell or partner a veterinary clinic?

Generally six to nine months between launching the process and signing: preparing the file, confidentially approaching buyers, offers, financial, legal and regulatory due diligence, negotiation, then formalities with the professional order. Partners' alignment on their timetable and prior resolution of recruitment issues are the main factors of speed. Upstream preparation can take from a few weeks to several years.

What does a group look at when buying a veterinary clinic?

First the team: number of vets and nurses, stability, on-call organisation and ability to retain clients. Then the activity mix between consultation, surgery, hospitalisation and imaging, the active client base, equipment and its renewal, location and lease, compliance of the pharmacy and articles, and real profitability once partners' pay is normalised.

What happens to the team after a veterinary clinic is sold?

Employment contracts transfer with the company, and networks have every interest in keeping vets and nurses, who are the main source of value in a market facing a shortage. Integration generally brings shared rotas, career paths and tools, but also common procedures. Clarifying before the deal each person's role, medical autonomy and the level of pooling is what wins the team's support.

Why put several networks in competition to sell your veterinary clinic?

Because offers differ on much more than price: the share reinvested in the holding, service contracts and fees, medical autonomy retained, partners' pay conditions, warranties and the future of the team. A confidential process approaching several buyers in parallel allows these projects to be compared on a like-for-like basis and strengthens the selling partners' position against networks that negotiate dozens of deals a year.

Public sources consulted

Xerfi, Le marché des cliniques vétérinaires à l'heure de la financiarisation, avis d'expert d'Alix Merle (13 avril 2026) : https://www.xerfi.com/blog/le-marche-des-cliniques-veterinaires-a-l-heure-de-la-financiarisation_1997 (high reliability)
FACCO, Rapport d'activité 2026, chiffres de la population animale et du marché de l'alimentation pour animaux de compagnie (juin 2026) : https://www.facco.fr/wp-content/uploads/2026/06/rapport-activite-facco-2026.pdf (good reliability)
Ordre national des vétérinaires, Atlas démographique de la profession vétérinaire, édition 2023 (données au 31 décembre 2022) : https://www.veterinaire.fr/system/files/files/2023-12/ATLAS-NATIONAL-2023%20V07122024.pdf (high reliability)
Ordre national des vétérinaires, Atlas démographique 2024 (données au 31 décembre 2023), actualité du 2 août 2024 : https://www.veterinaire.fr/communications/actualites/atlas-demographique-2024 (high reliability)
Sénat, question écrite n° 01999 de Mme Marie-Pierre Richer et réponse du ministère de l'Agriculture sur la pénurie de vétérinaires en milieu rural (réponse du 21 novembre 2024) : https://www.senat.fr/questions/base/2024/qSEQ241001999.html (high reliability)
Sénat, question écrite n° 03401 de M. Éric Gold et réponse du ministère de l'Agriculture sur la démographie vétérinaire (réponse du 4 décembre 2025) : https://www.senat.fr/questions/base/2025/qSEQ250203401.html (high reliability)
Conseil d'État, 4e et 1re chambres réunies, décision n° 442911, Centre hospitalier vétérinaire Nordvet et Clinique vétérinaire Saint-Roch (10 juillet 2023) : https://www.conseil-etat.fr/fr/arianeweb/CE/decision/2023-07-10/442911 (high reliability)
Ordre national des vétérinaires, communiqué de presse sur la mise en application des décisions de radiation (28 septembre 2023) : https://www.veterinaire.fr/system/files/files/2023-09/Communiqu%C3%A9%20de%20Presse%20-%20Mise%20en%20application%20des%20d%C3%A9cisions%20de%20radiations%20280923.pdf (high reliability)
Autorité de la concurrence, avis 25-A-12 du 13 octobre 2025 relatif aux conditions de concurrence dans le secteur des services vétérinaires et du médicament vétérinaire, communiqué du 24 octobre 2025 : https://www.autoritedelaconcurrence.fr/fr/communiques-de-presse/lautorite-de-la-concurrence-rend-public-son-avis-relatif-aux-conditions-de (high reliability)