On 13 December 2018, August Equity supported the management buyout (MBO) of the global specialist in animal MRI imaging, Hallmarq Veterinary Imaging Ltd.
Hallmarq is at the cutting edge of veterinary imaging technology and has internally designed and developed two unique products: its flagship standing-leg equine MRI scanner and more recently, its specific high-field MRI scanner for small animals, PetVet. Both are world firsts and unique in their field.
MRI technology enables vets to more accurately identify lameness cases in horses than traditional x-ray or ultrasound techniques, enabling more targeted and effective treatment. Hallmarq’s standing leg equine MRI is the first MRI scanner that removes the need for the risky and potentially dangerous need to anaesthetise horses, with horses able to be scanned while sedated and awake.
Hallmarq’s second product, PetVet, is an MRI scanner uniquely designed for the anatomy of cats and dogs, enabling higher quality and more specific imaging than what traditional human MRI scanners can offer. Hallmarq currently has more than 100 scanners installed across 23 countries and provides an ongoing, proactive maintenance support and training service for all of its users. This ensures that the best results and highest quality scans are achieved.
August Equity leads the way in animal care
The acquisition builds on August’s deep knowledge and experience of investing in the animal health sector and follows the ongoing trend of the humanisation of pets. This has resulted in an ever-growing demand for the highest quality diagnostic services for animals, particularly in the UK and US, and provides an opportunity for Hallmarq to roll out its specialist animal MRI offering further.
The acquisition was led by Garret Turley, who was supported by James Bakewell, Kate Cook, Kishan Chotai and Katie Beckingham. The deal is the seventh investment from August’s seventh fund, AEP IV, and takes it to being more than 55% deployed less than two years after fundraising.