The CMA just published
the vet market study.
What do you do next?
Three decisions that competition lawyers face right now. Each has a good answer — and a better one. See which kind of lawyer you are.
The CMA has found competition concerns and is proposing remedies: a price transparency obligation, restrictions on upselling practices, and enhanced switching rights for pet owners. You call your client.
Your client understands the obligations. They are compliant. But you left something significant on the table.
The upselling ban alone removes an estimated 15–20% of average transaction value for groups that have built their model around add-on services. A price transparency obligation changes how clients compare and switch — directly affecting churn rates and lifetime customer value. The lawyer who models this before the CEO asks the question is the one who gets the next call.
You are not just telling the client what the law says. You are telling them what it means for their P&L — before their CFO has run the numbers. That conversation is worth a retainer, not a one-off call.
For a PE-backed group planning an exit in 18–24 months, an EBIT reduction of 10–15% driven by the remedy package directly affects the valuation multiple at exit. The lawyer who connects the regulatory outcome to the exit timeline is offering something the financial advisor is not.
The vet sector is PE-heavy. At least seven major groups are backed by private equity — several with exits planned in the next two years. The regulatory landscape just got significantly more complex. There is demand for legal expertise that did not exist six months ago.
The contact is pleased to hear from you. They say they will keep you in mind. In three months, nothing has happened — because they had no reason to act urgently.
IVC Evidensia is backed by EQT. Linnaeus is owned by Mars. CVS Group is publicly listed with Net Debt/EBITDA at approximately 3.2x. Each has a different exposure to the CMA remedies — and a different timeline pressure. The lawyer who arrives with that analysis is not asking for work. They are offering intelligence the fund manager does not already have.
You arrive with something specific. Not a general offer of legal services — a targeted analysis of their situation. Even if they do not engage immediately, they remember the conversation. When the moment comes, they call you.
A PE fund with a portfolio company sitting at Net Debt/EBITDA above 3.5x and an exit planned in 18 months is highly sensitive to anything that reduces EBITDA — including a regulatory remedy. That is not a legal conversation. It is a financial one. And it is the one that opens the door.
The vet matter is still developing. The CMA’s implementation timeline is six months. You have warm contacts who understand what is at stake. The follow-up will determine whether this becomes a mandate or just a good conversation.
The contact appreciates you staying in touch. The vet matter is still on their radar. There is a reasonable chance this converts — but it might take another few months.
The dental sector across Europe is following the same trajectory as UK vets — PE consolidation, regulatory scrutiny, and a financial model that depends on upselling and add-on services. A lawyer who spots that pattern and brings it unprompted has moved from service provider to strategic advisor. That is a different relationship — and a different fee level.
That is the thought. Not “useful lawyers.” Not “good firm.” A strategic partner. The dental note was two pages. The insight took thirty minutes to write. The relationship it created is worth a retainer.
PE-backed healthcare consolidation — vets, dental, GP practices, physiotherapy — is following the same regulatory trajectory across Europe. The CMA moved first. The European Commission is watching. The lawyer who maps that pattern across sectors and jurisdictions before the client asks is the one who becomes indispensable.
that always chooses B —
this is exactly what we do.
Every brief finds the financial signals in the regulatory record that most lawyers miss. We connect market studies to EBIT models. We map PE exposure before exits. We spot the dental risk while everyone is still reading the vet report.
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The intelligence behind this adventure — the full financial analysis, the PE exposure map, and the dental sector note — is what makes us a business development tool you can’t miss. If you want to know the details of this brief or discuss any of our newest briefs, please drop me a line.
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