Henry Schein Completes Acquisition of C&M Vetlink Transaction Delivers Entree to New European Geography for Animal Health
MELVILLE, N.Y., Dec. 20, 2012 /PRNewswire/ -- Henry Schein, Inc. (NASDAQ: HSIC), the world's largest provider of health care products and services to office-based dental, medical and animal health practitioners, announced today that it has completed the acquisition of C&M Vetlink, a leading distributor of animal health products in Ireland. All closing conditions have been met, including approval of the transaction by Ireland's Competition Authority and from C&M Vetlink shareholders.
"The Animal Health business has been our fastest growing vertical in recent years with sales reaching over $2 billion as a result of both internal and acquisition growth," said Stanley M. Bergman, Chairman and Chief Executive Officer of Henry Schein. "The acquisition of C&M Vetlink provides Henry Schein's Animal Health business an entree into a new geographic market with a leading market share position in Ireland. It also fits well with our strategy to maintain our position as the leading Pan-European distributor of animal health products and services. Veterinarian customers of C&M Vetlink will now have access to Henry Schein's broad selection of products and value-added services, including the consultative tools we offer to help practitioners operate efficient practices. We welcome C&M Vetlink to Team Schein."
C&M was founded in 1973 as a distributor of certain pharmaceutical products in Ireland. Today, C&M Vetlink distributes a wide variety of veterinary and companion animal health products to veterinarians across Ireland and had sales of approximately €42 million ($54.7 million) for the 12 months ended July 30, 2012. Approximately 70 percent of sales are for large animals, reflecting the importance of dairy farming and livestock to the Irish economy, with the majority of sales from pharmaceutical products. With headquarters in Limerick, Ireland and warehouses in Limerick and Dublin, C&M Vetlink has 45 team members including 11 salespeople.
The transaction is expected to be neutral to slightly accretive to Henry Schein's financial results for 2013. Financial terms were not disclosed.
About Henry Schein's Animal Health Business
With the addition of C&M Vetlink, Henry Schein serves veterinary customers in 11 countries across Europe, including Austria, Belgium, the Czech Republic, France, Germany, Holland, Ireland, Portugal, Spain, Switzerland and the United Kingdom. With annual sales of more than $2 billion, Henry Schein's global Animal Health business also includes operations in the United States, Australia and New Zealand.
About Henry Schein, Inc.
Henry Schein, Inc. is the world's largest provider of health care products and services to office-based dental, medical and animal health practitioners. The Company also serves dental laboratories, government and institutional health care clinics, and other alternate care sites. A Fortune 500® Company and a member of the NASDAQ 100® Index, Henry Schein employs more than 15,000 Team Schein Members and serves approximately 775,000 customers.
The Company offers a comprehensive selection of products and services, including value-added solutions for operating efficient practices and delivering high-quality care. Henry Schein operates through a centralized and automated distribution network, with a selection of more than 90,000 national and Henry Schein private-brand products in stock, as well as more than 100,000 additional products available as special-order items. The Company also offers its customers exclusive, innovative technology solutions, including practice management software and e-commerce solutions, as well as a broad range of financial services.
Headquartered in Melville, N.Y., Henry Schein has operations or affiliates in 25 countries. The Company's sales reached a record $8.5 billion in 2011, and have grown at a compound annual rate of 18 percent since Henry Schein became a public company in 1995. For more information, visit the Henry Schein Web site at www.henryschein.com.
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Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: effects of a highly competitive market; our dependence on third parties for the manufacture and supply of our products; our dependence upon sales personnel, customers, suppliers and manufacturers; our dependence on our senior management; fluctuations in quarterly earnings; risks from expansion of customer purchasing power and multi-tiered costing structures; possible increases in the cost of shipping our products or other service issues with our third-party shippers; general global macro-economic conditions; disruptions in financial markets; possible volatility of the market price of our common stock; changes in the health care industry; implementation of health care laws; failure to comply with regulatory requirements and data privacy laws; risks associated with our international operations; transitional challenges associated with acquisitions and joint ventures, including the failure to achieve anticipated synergies; financial risks associated with acquisitions and joint ventures; litigation risks; the dependence on our continued product development, technical support and successful marketing in the technology segment; risks from rapid technological change; risks from disruption to our information systems; certain provisions in our governing documents that may discourage third-party acquisitions of us; and changes in tax legislation. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control or predict. Accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. We undertake no duty and have no obligation to update forward-looking statements.
SOURCE Henry Schein, Inc.