Henry Schein Signs Definitive Agreement to Acquire Poland's Medivet Company Enters Region in a Leadership Position
MELVILLE, N.Y., Nov. 14, 2013 /PRNewswire/ -- Henry Schein, Inc. (NASDAQ: HSIC), the world's largest provider of health care products and services to office-based dental, animal health and medical practitioners, announced today that it has signed a definitive agreement to acquire an 80% ownership position in privately-held Medivet S.A., a leading distributor of animal health products and services in Poland, with sales in 2012 of approximately $80 million.
Henry Schein expects the transaction to be dilutive to its earnings per share by approximately $0.01 in its initial year and accretive by $0.01-$0.02 in the following year. The transaction, subject to approval by Poland's competition and tax authorities, is expected to close in the first quarter of 2014. Financial terms of the transaction were not disclosed.
Headquartered in Srem, Poland, Medivet was founded in 1992 by Piotr Trojanek, Chairman of Medivet's Supervisory Board. The company serves approximately 2,200 animal health customers across Poland and has approximately 250 employees. Mr. Trojanek, along with Karolina Brodziak, Chairman of Medivet's Management Board, and other members of Medivet's management team will hold the remaining shares of the company.
"We are delighted to enter the Polish animal health market in a position of leadership and look forward to welcoming Medivet's highly regarded founder, Piotr Trojanek, and his colleagues to Henry Schein," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. "With this expanded geographic reach, we anticipate providing additional value to our supplier partners while ensuring Medivet's customers have access to the widest array of supplies and value-added products for operating efficient and profitable businesses while delivering high-quality care."
The Medivet transaction will increase to 12 the number of European countries where Henry Schein's animal health business has operations. Medivet will provide a strategic base for expansion in Eastern Europe and the opportunity to work collaboratively with Henry Schein's existing businesses in the region, particularly in the Czech Republic.
"Henry Schein's superior track record for serving animal health practitioners has been demonstrated across Europe, North America and Australasia," said Mr. Trojanek. "Henry Schein has a clear commitment to set the standard for excellence in meeting the practice needs of veterinarians, and we look forward to drawing on these impressive global resources to build on the firm foundation that Medivet has built here in Poland."
Henry Schein currently serves veterinary customers in the United States, Australia, New Zealand and the following European countries: Austria, Belgium, the Czech Republic, France, Germany, Holland, Ireland, Portugal, Spain, Switzerland, and the United Kingdom. Henry Schein's Global Animal Health business has annual sales of more than $2 billion.
About Henry Schein, Inc.
Henry Schein, Inc. is the world's largest provider of health care products and services to office-based dental, animal health and medical 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 nearly 16,000 Team Schein Members and serves more than 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 96,000 branded products and Henry Schein private-brand products in stock, as well as more than 110,000 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 $8.9 billion in 2012, and have grown at a compound annual rate of 17% 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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