Axiom Veterinary Laboratories bought for £4m

Veterinary services firm CVS Group has acquired Axiom Veterinary Laboratories, a company which provides third-party clinical pathology diagnostics.

Axiom Veterinary Laboratories was founded in 1980 and achieved profits of around £700,000 with turnover of approximately £4.5 million last year.

CVS Group is paying cash for the acquisition and will retain Axiom’s owner Peter Webb as managing director of the diagnostics company as well as the team of ten vets currently working for the firm.

Chief executive of CVS Group Simon Innes commented: “Axiom Lab’s biochemistry specialisation provides the perfect complement to our existing diagnostic services. We … look forward to the benefits of their considerable reputation in their specialist field.”

Axiom Veterinary Laboratories currently offer an “extensive range” of bacteriology, endocrinology, cytology and biochemistry and will double CVS Group’s laboratory-derived revenues.

CVS Group claims it is always considering new acquisitions but seeks firms which are compatible with the company’s existing culture.