Veterinary & Pet Services Switzerland: 5.5–8.5× EBITDA, 1,238 Firms (2026)

1.0Market Snapshot

1,238: Enterprises in veterinary activities (NOGA 75.00) in 2024, BFS STATENT. The number has barely moved since 2011 (1,194).
7,752: Employees in veterinary activities in 2024 (5,533 full-time equivalents), BFS STATENT — up from 4,652 in 2011. 83.2% are women.
+4.0%: Average annual growth of employment in veterinary activities from 2011 to 2024 (BFS STATENT); +2.8% in 2024. The number of enterprises stayed flat, so the average practice grew from 2.7 to 4.5 full-time equivalents.

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 1,238 veterinary & pet services companies — Enterprises in veterinary activities (NOGA 75.00) in 2024, BFS STATENT. The number has barely moved since 2011 (1,194)..

2.0Industry Overview

Market Scope

Switzerland had 1,238 veterinary enterprises with 7,752 employees in 2024, according to BFS business statistics (STATENT). The two numbers tell the story of the sector: the number of practices is almost exactly where it was in 2011 (1,194), but employment has grown by two thirds, from 4,652 to 7,752. The average practice now has 4.5 full-time equivalents, against 2.7 in 2011. Solo practices are giving way to larger group practices and clinics with emergency services, specialists and imaging.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

Employment up two thirds since 2011 (4,652 to 7,752) while the number of practices stayed flat (BFS STATENT)

Weaknesses4

Small units: 4.5 full-time equivalents per practice on average (2024)

External factors

Opportunities4

Owners without an internal successor can sell to VetTrust, IVC Evidensia, AniCura or other groups

Threats4

Shortage of vets, especially outside cities and in livestock medicine

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Corporate groups buy practices

VetTrust, founded in 2010 by vets, runs about 40 locations from Rotkreuz and is the largest Swiss group. IVC Evidensia, owned by EQT, Silver Lake and Nestlé, has 18 partner practices at 23 locations; Mars-owned AniCura has eight (Beobachter, May 2026). Acquired practices usually keep their names, so clients rarely notice the change of owner.

Fewer, larger practices

The number of veterinary enterprises was 1,194 in 2011 and 1,238 in 2024, while employment grew from 4,652 to 7,752 (BFS STATENT). Full-time equivalents per practice rose from 2.7 to 4.5. Larger practices can run emergency services, employ specialists and afford imaging and laboratory equipment.

Employment replaces ownership

52%

52% of GST members were employed in 2025 and 42% self-employed in some form. Two thirds of GST members and 83.2% of the sector's employees are women. Many younger vets prefer employment and part-time work to buying a practice, which shrinks the pool of buyers for owner-vets.

Companion animals drive demand

59%

59% of clinical vets work in small-animal medicine, 28% in livestock and 11% in horses (GST, January 2026). Registered dogs rose from 517,000 in early 2020 to 555,000 in 2023; Switzerland has an estimated 1.5 to 2.2 million cats, of which about 670,000 are registered in the ANIS database.

Livestock practices under strain

28%

Livestock medicine accounts for 28% of clinical vets but is harder to staff: it means rural locations, night and weekend calls and lower fees than small-animal care. Mixed practices in rural cantons are the hardest to hand over and are rarely targets for the corporate groups, which focus on small-animal clinics.

5.0Cost Structure Benchmark

50%

15%

10%

Personnel50%: vets, veterinary assistants, administration
Medicines and supplies15%
Equipment and technology10%: imaging, laboratory, surgery
Rent and premises8%
Insurance, administration and other7%
EBITDA margin10%

Indicative split for a small-animal practice, not a measured figure: no Swiss statistic publishes the cost structure of veterinary practices. Personnel is the largest cost everywhere; in owner-run practices part of the margin is the owner-vet's own pay, which a buyer must replace with a salaried vet.

6.0Top Veterinary & Pet Services Companies in Switzerland

Name	Location	Key Facts
VetTrustCHE-115.353.873	Risch ZG	VetTrust AG: the largest Swiss veterinary group, founded in 2010 by vets; about 40 locations including 24-hour emergency clinics in Zurich East (Dietlikon) and Basel (Münchenstein), each registered as its own company. Headquarters in Rotkreuz.
IVC Evidensia SchweizCHE-399.007.283	Hünenberg ZG	IVC Evidensia Schweiz AG: Swiss arm of IVC Evidensia, the largest operator of veterinary practices worldwide, owned by EQT, Silver Lake and Nestlé. 18 partner practices at 23 Swiss locations, from Bessy's Kleintierklinik in Watt to Tierklinik Delémont.
AniCura AOI CenterCHE-113.429.146	Hünenberg ZG	AniCura AOI Center AG: one of AniCura's Swiss clinic companies. AniCura, founded in Scandinavia and owned by Mars Petcare since 2018, owns eight Swiss practices (Beobachter, May 2026), including clinics in Hünenberg, Thun and Sursee.

VetTrust

CHE-115.353.873

Risch ZG

VetTrust AG: the largest Swiss veterinary group, founded in 2010 by vets; about 40 locations including 24-hour emergency clinics in Zurich East (Dietlikon) and Basel (Münchenstein), each registered as its own company. Headquarters in Rotkreuz.

IVC Evidensia Schweiz

CHE-399.007.283

Hünenberg ZG

IVC Evidensia Schweiz AG: Swiss arm of IVC Evidensia, the largest operator of veterinary practices worldwide, owned by EQT, Silver Lake and Nestlé. 18 partner practices at 23 Swiss locations, from Bessy's Kleintierklinik in Watt to Tierklinik Delémont.

AniCura AOI Center

CHE-113.429.146

Hünenberg ZG

AniCura AOI Center AG: one of AniCura's Swiss clinic companies. AniCura, founded in Scandinavia and owned by Mars Petcare since 2018, owns eight Swiss practices (Beobachter, May 2026), including clinics in Hünenberg, Thun and Sursee.

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Flat practice numbers, fewer vets who want to own — groups fill the gap

1,238: veterinary enterprises in 2024, against 1,194 in 2011 (BFS STATENT)
4.5: full-time equivalents per practice in 2024, up from 2.7 in 2011 (BFS STATENT)
52%: of GST members were employed in 2025; 42% self-employed
5.5–8.5×: EBITDA deal multiples (ValIndex multiples table)

The number of veterinary practices has not grown since 2011 while the profession has shifted to employment: 52% of GST members are employed and only 42% self-employed. For an owner-vet near retirement this means fewer young colleagues who want or can afford to buy the practice. Groups such as VetTrust, IVC Evidensia and AniCura have become the main alternative buyers. They pay most for small-animal practices with several vets, emergency or referral services and modern equipment. A practice that depends on one owner-vet is worth less, because the buyer must replace the owner's work with a salaried vet. ValIndex's multiples table puts veterinary practices at 5.5–8.5× EBITDA in transactions and 4.0–6.0× on statutory valuations.

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Valuation Snapshot

Veterinary & Pet Services business valuation in Switzerland

Statutory Multiple (EBITDA): 4.0 - 6.0×
Deal Multiple (EBITDA): 5.5 - 8.5×
Market Trend: Rising

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Western Switzerland

VDGEFRNEVS

313 enterprises with 1,752 employees (2024), the largest region. Vaud alone has 124 enterprises and 792 employees.

Bern, Solothurn and Jura

BESOJU

231 enterprises with 1,390 employees. Bern has 1,058 employees in 173 enterprises, the most of any canton.

Zurich

188 enterprises with 843 employees — the most practices of any canton, but relatively small ones (4.5 employees each). VetTrust runs a 24-hour clinic in Dietlikon.

Eastern Switzerland

SGTGGRARAISHGL

163 enterprises with 1,006 employees; St. Gallen 59 enterprises, Thurgau 45, Graubünden 40.

Northwestern Switzerland

AGBLBS

147 enterprises with 1,143 employees. Aargau's 99 enterprises employ 794 people, eight per practice on average.

Central Switzerland

LUSZZGURNWOW

123 enterprises with 1,295 employees. Zug (376 employees in 27 enterprises) and Schwyz (464 in 35) have unusually large units; VetTrust, IVC Evidensia Schweiz and AniCura AOI Center are registered in Zug.

Ticino

68 enterprises with 323 employees.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 750000 veterinary activities)GST — Fakten und Kennzahlen (reference date 6 January 2026): 52% employed, 42% self-employed; 59% small animals, 28% livestock, 11% horses Beobachter — Konzerne übernehmen unsere Tierarztpraxen (May 2026): VetTrust, IVC Evidensia, AniCura, Nestlé stake IVC Evidensia Schweiz — Tierkliniken und Standorte (18 partners at 23 locations)VetTrust — about 40 locations, founded in 2010 by vets, Rotkreuz AniCura Schweiz — über AniCura (owned by Mars Petcare since 2018)Tierwelt — So viele Hunde gibt es in der Schweiz (Amicus: 517,000 in 2020, 555,000 in 2023)Identitas — Tierstatistik (ANIS and Amicus registers)Zefix — Swiss Central Business Name Index (register entries of all key players)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-09|9 sources cited

9.0Frequently Asked Questions

▶How much is a veterinary practice worth in Switzerland?

ValIndex's multiples table puts Swiss veterinary practices at 5.5–8.5× EBITDA in transactions and 4.0–6.0× EBITDA on statutory valuations. The EBITDA must be normalised: in owner-run practices part of the profit is the owner-vet's own pay, which a buyer has to replace with a salaried vet. Small-animal practices with several vets and emergency services achieve the upper end; solo and rural livestock practices the lower end.

▶What drives the value of a Swiss veterinary practice?

Buyers price: (1) the number of vets and dependence on the owner; (2) the share of small-animal work; (3) emergency, referral and specialist services; (4) equipment such as imaging and laboratory; (5) the location and the lease; (6) client numbers and recurring revenue from preventive care.

▶How many veterinary practices are there in Switzerland?

BFS STATENT counts 1,238 veterinary enterprises with 7,752 employees (5,533 full-time equivalents) in 2024. The number of enterprises has barely changed since 2011 (1,194), while employment grew by two thirds. The veterinary association GST represents about 3,000 vets.

▶Who buys veterinary practices in Switzerland?

Owner-vets sell to younger vets, to colleagues forming group practices, or to corporate groups. The largest are VetTrust (about 40 locations, founded in 2010 by vets), IVC Evidensia (18 partner practices at 23 locations; owned by EQT, Silver Lake and Nestlé) and Mars-owned AniCura (eight practices). With 52% of GST members employed and 42% self-employed, groups are an increasingly common buyer.

▶What are the key trends in Swiss veterinary medicine?

Five trends: (1) corporate groups buy practices, often keeping their names; (2) practices get larger — 4.5 full-time equivalents on average in 2024, against 2.7 in 2011; (3) employment replaces ownership, with 83.2% of employees women; (4) companion animals drive demand — 59% of clinical vets work with small animals; (5) rural livestock practices are hard to staff and hand over.

▶What are the main risks when buying a Swiss veterinary practice?

The main risks are: (1) dependence on the owner-vet and loss of clients when they leave; (2) the shortage of vets, especially for night and weekend services; (3) wage pressure; (4) integration into a group; (5) public scrutiny of prices. Due diligence should check the vets' employment contracts, the lease, drug-handling licences and client trends.

▶Why are practices getting larger?

Because the work has changed: emergency services, specialists, imaging and laboratory diagnostics need more staff and more expensive equipment than one vet can provide. Many younger vets also prefer employment and part-time work to running a practice. BFS STATENT shows the result: the number of enterprises stayed flat from 2011 to 2024, while full-time equivalents per practice rose from 2.7 to 4.5.

▶Where are Swiss veterinary practices located?

Western Switzerland has the most veterinary enterprises (313, with 1,752 employees in 2024), followed by Bern, Solothurn and Jura (231 and 1,390), Zurich (188 and 843), Eastern Switzerland (163 and 1,006), Northwestern Switzerland (147 and 1,143), Central Switzerland (123 and 1,295) and Ticino (68 and 323). Zug and Schwyz have unusually large units; the three largest groups are registered in Zug.

Veterinary & Pet Services