Investment Thesis

Problem in the Veterinary Care

Veterinarians want to deliver the best medical care to their patients and achieve financial objectives without having to sacrifice independence. We address a core structural problem in veterinary consolidation: misaligned incentives that weaken long-term clinic performance.

Behandlung

Smartemis decentralized solution

Our decentralized partnership model preserves clinical independence while aligning economic interests between veterinarians and investors.

Smartemis offers a decentralized veterinary platform that preserves clinical autonomy while providing centralized operational and financial support. 

By combining local leadership with scalable infrastructure, we enable sustainable growth, operational efficiency, and long-term value creation across France and Germany.

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Competitive differentiation

traditional consolidator

Smartemis isn’t a traditional consolidator — it’s a structurally aligned growth platform. By keeping veterinarians as owner-operators, we eliminate the incentive misalignment that weakens most roll-ups. Clinics stay engaged. Performance stays strong. Growth compounds locally. Our capital-efficient model provides predictable revenue participation, lower integration risk, and exposure to one of Europe’s largest, least consolidated healthcare markets. The result: a scalable platform built for durable earnings and long-term value creation — not short-term financial engineering.

Long-term value creation

With exposure to large, fast growing and resilient markets in France and Germany, Smartemis offers capital efficient growth, strong same clinic performance and scalable long term value creation at the right time in an under consolidated industry.

Why Now?

A rare convergence of catalysts

  • Generational transition opportunity: A large cohort of clinic owners in France and Germany are approaching retirement age.
  • Significant white space for consolidation: Unlike the UK and US, France and Germany remain largely unconsolidated.
  • Structural growth tailwinds: Rising pet ownership and increasing demand for preventive care are driving steady, long-term market expansion.
  • Favorable economic resilience: Recurring healthcare spending and growing pet insurance penetration provide stability and downside protection in uncertain macroeconomic environments.

Timing matters in roll-up cycles

  • Attractive entry valuations: Positioned before late-stage multiple compression, Smartemis can acquire clinics at disciplined and sustainable prices.
  • Limited competitive pressure: Early market entry reduces exposure to auction-driven processes and aggressive bidding environments.
  • Selective partnering approach: Smartemis can prioritize long-term alignment with high-quality clinic owners rather than competing for scarce assets.
  • Platform built for upside: Scaling ahead of market maturity strengthens operational leverage and positions the group for future multiple expansion.

Vet Voices

"Smartemis has transformed our practice. The support in the areas of digitalization and management is outstanding. We can now fully concentrate on our patients."

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Dr. Sarah Schmidt

Veterinarian, Munich

"The network offers just the right balance between independence and professional support. The collaboration with other veterinarians is invaluable."

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Dr. Michael Weber

Practice owner, Berlin

"Through Smartemis, we gained access to state-of-the-art tools and a strong network. The consulting is tailored and practical – exactly what we needed."

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Dr. Anna Müller

Veterinarian, Hamburg