A Smarter Path to Returns in the European Veterinary Sector

INVESTOR 

Institutional investors evaluating opportunities in the European veterinary sector. 

CHALLENGE 

Europe’s €13 billion veterinary care market looks compelling – 5% long-term average annual growth, recession-resistant demand, and an early stage of consolidation relative to many other large markets. Yet risk remains high. Regulation is complex, exercising control has proven to be difficult, and intense competition for acquisitions has caused valuations to inflate and returns to compress.

The central question: how can investors capture strong returns without undermining the professional engagement that drives long-term clinic performance? 

TURNING POINT 

Smartemis identified a false dichotomy in the market: investors could either control or comply, scale or preserve autonomy. Drawing lessons from other industries, the team designed a third path—an investment model built on alignment rather than acquisition. 

TRANSFORMATION 

Smartemis created a partner-led network where clinics remain owned and operated by veterinarians, Smartemis only buys a portion. Through call options, revenue-sharing agreements and standard service contracts, the model ensures legal compliance and preserves professional autonomy while unlocking operational leverage. 

Industry-leading shared services in key areas such as recruitment, technology and operational optimization, pricing strategy, and client acquisition and retention improve efficiency and margins. Succession planning supports owners ensuring the long-term health and success of the clinic and transparent governance builds trust. The result: a network of 127 clinics and 525 veterinarians across France and Germany, growing 11% per month since the first clinic joined Smartemis in early 2022.

LOOKING AHEAD 

Smartemis represents a third way for European veterinary care—neither isolated and inefficient solo practice nor top-down, control-oriented consolidation. It is a sustainable, investor-aligned network that compounds value through partnership and alignment of interest. With proven growth, expanding demand and a disciplined expansion strategy, Smartemis offers investors a resilient, low-burn platform in a highly attractive market with superior long-term return potential.