Mubadala Investment Company, Abu Dhabi’s sovereign investment arm, has invested £350 million ($494.81m) in IVC Evidensia, Europe’s largest veterinary care provider, as it continues to expand its consumer-focused portfolio of investments. The UK-based IVC Evidensia operates a network of more than 1,500 veterinary clinics and hospitals in 12 countries across Europe, caring for about four million pets. Founded in 2011, the company operates a decentralised model that promotes “innovation and clinical freedom within its network”, Mubadala said in a statement on Sunday. IVC, which was originally acquired by EQT Private Equity in December 2016, merged with Swedish veterinary group Evidensia in May 2017. Since then, the company has strengthened its position in Europe’s veterinary services market through organic growth and strategic acquisitions. No financial details of the deal were disclosed. In February this year, EQT said it had reinvested in the business alongside Nestle and US private equity firm Silver Lake, with whom Mubadala announced a $2 billion <a href="https://www.thenationalnews.com/business/technology/mubadala-to-invest-2bn-in-new-technology-partnership-with-silver-lake-1.1086079">technology partnership last year</a>. The €3.5bn ($4.2bn) funding round valued the company at about €12.3bn and helps IVC "in driving its next phase" of accelerated growth, the company said in <a href="https://www.eqtgroup.com/news/Press-Releases/2021/ivc-evidensia-expands-partnership-to-drive-next-phase-of-accelerating-growth/">a statement</a> at the time. Before the fundraising exercise, the company had reportedly been exploring a potential flotation on the London Stock Exchange. “Our investment in IVC Evidensia aligns well with our focus on investing in market leading consumer businesses in resilient and growing sectors,” Justin Sabet-Peyman, head of the consumer segment at Mubadala, said. “We are excited to be partnering with EQT, Silver Lake, Nestle and IVC’s world-class management team to help drive the company’s continued leadership and innovation in pet care.” Mubadala, which has an asset base of Dh894bn ($243.4bn), invests on behalf of the Abu Dhabi government. It is at the heart of the government’s plans to diversify the emirate's revenue base and generate income from sources other than oil. The company’s investment portfolio spans six continents with interests in aerospace, information and communications technology, semiconductors, metals and mining, renewable energy, petrochemicals and oil and gas and. Mubadala’s investment in IVC Evidensia adds to its growing global portfolio of consumer-focused businesses, including Reliance Retail Ventures, Coupang and Truck Hero. The company continues to focus on businesses led by “strong management teams with leading positions in attractive markets with strong tailwinds”. It invested Dh3.1bn for a 1.4 per cent stake in Mukesh Ambani’s Reliance Retail Ventures in October last year, valuing it at $58.5bn. This was Mubadala’s second investment in a Reliance Industries subsidiary last year after it poured $1.2bn into its telecoms and technology business, Jio Platforms, in June. Mubadala’s comprehensive income grew by 36 per cent from Dh53bn in 2019 to Dh72bn last year, the company said in its annual review earlier this month. The growth was driven by its equity and fund investments and asset growth across several sectors. The wealth fund, which holds stakes in some of the biggest non-oil companies in the UAE, said new capital investment rose from Dh68bn in 2019 to Dh108bn. Investments made during the year include Dh2.2bn in PCI Pharma, a leading global pharmaceutical services supplier, and Dh7.5bn through partnerships with private equity firms CVC, Citadel, iSquared Capital and Apax Partners. Earlier this year, the company reorganised its operations around four new business lines: UAE investment, disruptive investment, direct investment and property and infrastructure.