独家| 美国锐盛（Ares）宠物行业布局
Ares’s strategic positioning in the pet industry
Ares Management（纽约证券交易所代码：ARES），是一家领先的多元化全球另类资产管理公司，在美国、欧洲、亚洲和澳大利亚都有投资业务。
Ares Management, L.P. (NYSE:ARES) is one of the largest multi-asset global alternative asset manager with offices in the US, Europe, Asia and Australia.
目前，团队由1,000多名专业人员组成，共有18个主要办事处。截至2018年6月30日，大约218个投资工具，包括信贷、私募股权和房地产，管理资产规模约为1210亿美元，遍及五大洲。
Ares currently employ over 1,000 professionals across 18 locations. As at the end of June 2018, Ares manages USD 121billion globally across 218 investments in credit, equity and real property.
Ares在中国的全资子公司叫锐盛。2010年在上海设立办公室，2016年在成都设立西区总部。
Ares Management, L.P. first opened office in Shanghai in 2010 under the name Ares (Shanghai) Investment Management and Consulting Co., Ltd., in 2016 Chengdu office was established as the head-office for Ares’s operation in western China.
Ares (Shanghai) Managing Director孙玮（left）meets with Chengdu WuHou district secretary Mr. Wu Ming (right) (September 2, 2016)
Ares has 18 offices globally
Ares Management 全球18 个办公地点分布
In China, Ares have offices in Hong Kong, Shanghai and Chengdu
Ares Management 在中国有三个办公地点：香港、上海、成都
下面来介绍一下这家公司在宠物行业有哪些资产。
Assets within the pet industry controlled by ARES:
1、National Veterinary Associates (NVA)
NVA是一家成立于1996年的宠物连锁机构。2007年获得Summit partner的投资，2014年，Ares 接过Summit Partners的接力棒，彼时，NVA是美国最大私有独立兽医医院，在39个州拥有240多个分支机构，拥有850名兽医，提供全方位的社区服务。
NVA is a veterinary hospital franchise founded in 1996. In 2007, NVA received investment from Summit Partners, in 2014 Ares acquired Summit Partner’s stake in NVA, at the time NVA was already the largest independent veterinary franchise in the US with more than 240 hospitals across 39 states, servicing the community with more than 850 veterinarians.
2017年7月，安大略省养老金计划OMERS的私募股权基金，收购NVA的少数股权，Ares继续作为NVA的大股东。
In July 2017, Canadian pension fund OMERS, acquired a minority stake in NVA, while Ares continue to hold majority stake in NVA.
而在这个阶段，NVA已成为美国、加拿大、澳大利亚和新西兰最大的兽医医院和宠物寄宿和日托中心的独立机构。已经在美国41个州和4个国家设有502个医院。拥有1,800多名兽医，每年接受患者500多万。
During which time, NVA has already become the largest independent veterinary hospital, boarding and daycare franchise in the US, Canada, Australia and New Zealand. Across 41states in the US and the four countries NVA has established 502 countries, with over 1,800 veterinarians treating more than 5million pets annually.
2、Independent Vetcare（IVC）
IVC成立于2011年，是英国最著名的几家宠物诊所合并而成。从那时起，公司通过大量的收购迅速发展。2017年2月，IVC与2014年EQT VI投资的Evidensia合并。
IVC was founded in 2011 through the merger of a number of successful veterinary hospitals. Through acquisition, IVC grew rapidly since. In February 2017, IVC merged with Evidensia. Evidensia received investment from EQT VI in 2014.
IVC总部位于英国巴斯，目前已经成长为欧洲最大的兽医服务提供商，拥有约5,000名员工。据据IVC官网数据，IVC在8个国家拥有878医院和诊所，包括英国、瑞典、荷兰、芬兰、德国、瑞士、挪威、丹麦。
IVC is headquartered in Bath in the UK, it has already become Europe’s largest veterinary service provider with more than 5,000 employees. According to IVC’s website, IVC operates 878 veterinary hospitals and clinics across eight European countries in UK, central and northern Europe.
IVC凭借精简的运营模式和增长计划，入围2017年普华永道英格兰西部年度商业奖。在2017年获奖新闻稿中提到，该团队于2011年，由来自3个平台的20家诊疗机构组成，目前英国375家医院，斯堪的纳维亚和欧洲各地共有179家医院。
IVC’s streamlined operating model and growth plan resulted in IVC being shortlisted in PWC’s “West of England Business of the Year Awards” in 2017. “Formed in 2011 from 3 platform groups of 20 practices, the group now runs over 375 nationwide practices and a further 179 across Scandinavia and Europe....” PWC.
IVC在预防性医疗保健方面也有重要创新，拥有140,000名会员的宠物健康俱乐部，营收已从2014年的7600万英镑增长到2016年的1.84亿英镑。据EQT（殷拓）数据，2017年收入高达4.92亿英镑（约43.7亿人民币）。
IVC has successfully implemented innovation in preventative health care, with 140,000 members in their Pet Health Club programme, from 2014 to 2016, IVC more than doubled their membership revenue from GBP 76million to GBP 184 million. According to data from EQT, its revenue topped GBP 492 million in 2017.
IVC Group 2017 Revenue
IVC Group 2017年营收IVC Group 2017 Revenue
News articles relating to IVC and ARES are not available via public sources.
3、Crazy Dog
疯狂的小狗大家都已经比较熟悉。2014年拿到百万天使轮融资之后，在今年3月份，又获得天图创投、锐盛投资(Ares Management)、星合资本上亿元A轮融资。
Crazy Dog is a familiar brand in China. In 2014, after receiving millions in angel investment, Crazy Dog successfully raised up to hundreds of millions (RMB) from Tiantu Capital, ARES, Xinghe Capital in their series A round of funding in March, 2018.
我们通过天猫淘宝的数据，来看看这家刚刚成立4年的互联网公司的速度。
This 4 year-old company already holds third place in dog food and snack sales on Tmall, Alibaba’s e-commerce platform.
Top 10Dog food and snack brands by revenue on Tmall and Taobao
天猫淘宝狗主粮零食销售额十强 (2017/11-2018/04）
Source: Databerg
Dog food and snack brand sales index (2016/01-2018/04)
狗粮品牌及行业主粮零食销售额指数 (2016/01-2018/04)
Source: Databerg
Revenue of top 3 products as a percentage of total revenue
爆款度：狗粮品牌销售额前三产品占总销售额比例
Source: Databerg
4、Chowsing
Chowsing: Pet Health Brand
宠物保健品品牌宠幸
今年7月，宠幸宣布又一次获得融资，在短短三个月内连续完成A轮及A+轮融资，总金额1.8 亿元人民币。A轮领投方为专注医疗健康产业投资的弘晖资本，A+轮领投方则是美国锐盛投资集团（Ares Management LLC）。
In July 2018, Chowsing announced another round of successful funding, within a time span of 3 months, Chowsingcompleted series A and A+ round of funding, raising a total of RMB 180 million. Series A was led by Highlight Capital, an investment fund that specializes in the medical and health industry, while series A+ was led by Ares.
宠幸这家公司成立于2004年，由吕少华先生创立，下属“卫仕”品牌犬猫营养系列共21类，目前服务2万家门店，3亿只/次宠物。
Chowsing was founded by Mr. Lv Shao Hua in2004, a total of 21 products under the “Nourse” pet supplements brand currently supplies over 20,000 pet shops reaching more than 300 million pets.
尾声Conclusion
通过对锐盛宠物行业的布局的不完全梳理，可以看到，其在美国（包括加拿大、澳洲、新西兰）控股一家宠物连锁医院NVC、在欧洲拥有一家管理质量很高的宠物医院IVC；国内方面，拥有国内成长最快的宠物主粮品牌疯狂的小狗；在中国宠物保健品风口的当下，又加持了宠幸。
Ares’s investments in the pet industry include veterinary hospitals in developed markets, through NVA it covers the veterinary market in the US, Canada, Australia and New Zealand, while in UK and Europe, Ares owns the high quality franchise, IVC.
In China, Ares’s presence is felt in China’s fastest growing pet food brand Crazy Dog and pet supplements brand Chowsing, both are well positioned to capture the growth of China’s pet industry.
在产品和服务、线上和线下，以及全球方面，都布局了不错的标的。
From product to service, integrating online with offline, as well as its global exposure, Ares is well positioned in the global pet industry with strong assets.
“锐盛的英文名字Ares来自希腊神话，代表希腊的战争之神。它从美国PE机构阿波罗（希腊的太阳神）中分拆，阿波罗专注杠杆收购交易、债券型基金和企业重组的机构。”
Ares is the God of War in Greek mythology. Ares is a spin-off from Apollo Global Management, LLC, Apollo (God of Sun in Greek mythology) is one of world’s largest alternative investment managers specializing in leveraged buy-outs, debt funds and corporate restructures.
关于 VETSTAR：
Vetstar是由3位兽医联合创立，生而不同，Vetstar 聚焦在提供学习兽医英语的高效的解决方案，联合多位临床兽医与语言学教授匠心打造了Vetstar兽医英语系列课程，并与EF（英孚英语）合作，提供有效提高兽医英语与通用英语的全套解决方案，让中国兽医与国际接轨无障碍。Vetstar已在每天早上6:30陪伴大家学习300+ 天，自成立以来，微信公众平台已发文500+篇，涵盖兽医英语、专业知识、行业新闻，致力于构建一个国际化的兽医互联网平台。
References：
1.ARES's acqusition of NVA
2.NVA
3.OMERS’s acquisition of NVA
4.PWC’s press release on IVC
5.Snowball - Pet Industry Observer
