LBO France-backed Gioconda completed the acquisition of Demas, a specialist distributor of veterinary products for pets, for $22m. "We are delighted to be able to support the Demas group in its new development phase. In the course of our discussions with the Foglietti family, which stretch back four years, we were impressed by the way the company established itself as leader in Italy’s veterinary products market by simultaneously targeting pharmaceutical distributors, vets and retail customers. Its footprint in these three segments is a real asset in this resilient market, which is growing at a 5% rate annually, driven by the increasing medicalisation of pets," Arthur Bernardin, Gioconda Managing Director.