THE DEAL:
The sale of Hyperdrug Pharmaceuticals to Vulcan Two Group plc. Hyperdrug is a D2C digital pharmacy and online pet store, dispensing and distributing veterinary and human medications, as well as a wide range of animal products and accessories. Based in County Durham, it is one of the UK’s largest operators in specialist online veterinary prescription pharmaceuticals. Hyperdrug’s eCommerce platform uses proprietary consumer-facing API technology, enabling live availability and delivery times to be displayed on the website. The transaction provides an exit for the founding Watson family who will remain involved with Hyperdrug while positioning the business for its next phase of growth under Vulcan Two’s ownership. Vulcan Two was admitted to trading on AIM in September 2025 with a mandate to acquire companies in the UK e-pharmacy market.
OUR ROLE:
We were approached by the Watson family in 2023 due to our work on the sale of another pet product e-commerce business, Viovet, which was sold to Pet Health Inc of the US. The family was starting to considering the options for securing the future of the business which included a full sale or shareholder reorganisation. We worked with the shareholders to analyse and understand the profit trends by assessing the impact of market adjustments and other shareholder and company-specific factors. We assessed the potential for a trade sale and while preparing for this a number of approaches were received with Vulcan Two presenting a compelling buy and build strategy in the e-pharmacy market. We led negotiations with Vulcan Two and, once it had achieved its fund raise and AIM-listing, concluded Heads of Agreement and managed the subsequent due diligence and legal processes, liaising with the buyer and its advisers to conclude a transaction simultaneously with two others by Vulcan Two.
WHAT OUR CLIENT SAID:
‘We really appreciate the support provided by the Cattaneo team who really got into the detail to help us through the due diligence process and we thank them especially for their advice in navigating the inevitable complications that arise during such processes and for explaining clearly to us the significance and impact of so many unfamiliar aspects.’
Geoff Watson, founder, Hyperdrug Pharmaceuticals
