Headquartered in Victoria, Apiam is a leading national veterinary services platform, operating a network of 84 sites primarily across outer metro and urban growth corridors in Victoria, New South Wales and Queensland. The Company delivers a comprehensive suite of clinical veterinary services for companion animals, as well as pharmaceutical products, diagnostics and herd‑health solutions for livestock.

Barings’ participation reflects its conviction in the resilient and structurally growing veterinary services sector, supported by essential demand for high quality pet and animal healthcare, increasing annual spend per pet, the maturing COVID-era pet cohort entering higher‑spend life stages, and consolidation opportunities within a highly fragmented market. Apiam’s national footprint, diversified service offering, and attractive veterinarian value proposition reinforce its defensive positioning within the sector.

“Apiam represents a high-quality platform in a sector underpinned by non-discretionary demand,” said Justin Hooley, Head of Asia Pacific Private Credit at Barings. “The Company’s strong national footprint, diversified service offering, and compelling value proposition for veterinarians position it well for long term growth. We also bring deep familiarity with the veterinary services sector through comparable investments in Europe and the U.S., combined with extensive diligence on the Australian market. This global perspective enabled us to provide informed insights into the financing of this transaction, and we are excited to support Apiam as it advances its next phase of strategic and operational development.”

This transaction builds upon Barings’ 15-year track record of providing private finance solutions to borrowers in the Asia Pacific region through its Hong Kong and Sydney teams. These teams are integral to Barings Global Private Finance platform, which leverages a deep bench of more than 110 investment professionals and a 30-year track record of providing financing solutions to sponsors while aiming to generate attractive risk-adjusted returns for investors.

About Barings
Barings is a $481+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions. Learn more at Barings.com.

*As of December 31, 2025

About Adamantem Capital
Founded in 2016, Adamantem Capital is an established Australian based private capital firm, managing over $2bn on behalf of global institutions and family offices. The team leverages its networks and expertise to source unique investment opportunities and serve as a catalyst for transformation to build more sustainable and valuable businesses across Australia and New Zealand. Adamantem’s investment platform includes a buyout strategy focused on established mid-market businesses with clear potential to transform, and an environmental opportunities strategy targeting high-growth businesses driving the transition to a net-zero economy. For further information about Adamantem, please visit https://adamantem.com.au/about/.

Media Contacts
Helen Sanderson (Australia)
Director, Marketing
E: helen.sanderson@barings.com

Kate Lam (Hong Kong and Southeast Asia)
Associate Director, Marketing
E: kate.lam@barings.com

Vivian Shiu
Head of APAC Marketing
E: vivian.shiu@barings.com

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