Our animal health practice, headed by qualified vet James Andrews, works on both veterinary services and animal pharmaceuticals.

The European veterinary and animal health markets continue to mature, driven by rising pet ownership, higher expectations of preventative care, and increasing spend per pet. More mature European markets are characterised by greater use of prophylactic medicine, more frequent veterinary visits, and higher pet insurance penetration—all of which support stronger underlying revenue growth for clinics and suppliers. These maturity markers vary widely across Europe, with countries such as the UK and Nordics showing high insurance penetration and larger average practice sizes, while Southern and parts of Eastern Europe remain earlier in their development cycles.

Consolidation remains a defining structural trend across Europe. Clinic groups in several countries—such as the UK, Ireland, Spain, France, and Italy—have seen significant roll‑ups by corporate chains, supported by private equity investment and strong appetite for high‑quality assets. Multiples for large and specialist clinics remain elevated relative to small practices, reflecting the premium placed on scale, professionalisation, and operational sophistication. More mature markets show higher consolidation levels and a clearer shift towards integrated care models and data‑driven decision‑making within practices.

Alongside services, the European animal health product landscape continues to evolve. Market growth is increasingly driven by newer therapeutics, especially in parasiticides and pain management, while generics continue to take share in several therapeutic areas. Environmental concerns and regulatory scrutiny—particularly around older parasiticide molecules—are influencing both owner behaviour and clinic prescribing patterns. Meanwhile, the broader animal health industry is shaped by pharma consolidation, divestment of manufacturing sites to CDMOs, and slowing innovation pipelines, all of which create opportunities for efficiency‑focused suppliers and service providers.

Our Subsectors include:

• Veterinary Services
• Animal Pharma