Patterson Companies, Inc. (Nasdaq: PDCO) today announced that Patterson Medical, its rehabilitation supply and equipment unit, has acquired Australian-based Surgical Synergies Pty Ltd., a distributor of physiotherapy, rehabilitation and mobility products serving the Australian and New Zealand markets. The cash transaction, terms of which were not disclosed, is forecasted to be moderately accretive to Patterson’s consolidated results during Surgical Synergies first year as part of Patterson Medical.
With sales of approximately $10.0 million, Surgical Synergies expands Patterson Medical’s previously established market position in the Australian and New Zealand rehabilitation market. In addition to having been the exclusive distributor for Patterson Medical’s complete line of Homecraft Rolyan products, Surgical Synergies also carries a number of other leading brands. Customers include physical therapists, public and private hospitals, mobility and rehabilitation dealers, distributors, long-term care facilities, pharmacies, and retailers.
David P. Sproat, Patterson Medical’s president, commented: “By strengthening our competitive position in Australia and New Zealand, Surgical Synergies represents another step forward with our global business strategy. Like our current operation in these markets, Surgical Synergies utilizes similar tools to sell its products, including a field sales force and an extensive catalog distributed to 20,000 rehabilitation professionals. We believe the integration of this tuck-in acquisition into Patterson Medical’s Australian operation will be completed in a relatively brief period.”
About Patterson Companies, Inc.Patterson Companies, Inc. is a value-added distributor serving the dental, companion-pet veterinarian and rehabilitation supply markets. Dental MarketAs Patterson’s largest business, Patterson Dental provides a virtually complete range of consumable dental products, equipment and software, turnkey digital solutions and value-added services to dentists and dental laboratories throughout North America. Veterinary MarketWebster Veterinary is the nation’s second largest distributor of consumable veterinary supplies, equipment and software, diagnostic products, vaccines and pharmaceuticals to companion-pet veterinary clinics. Rehabilitation MarketPatterson Medical is the world’s leading distributor of rehabilitation supplies and non-wheelchair assistive patient products to the physical and occupational therapy markets. The unit’s global customer base includes hospitals, long-term care facilities, clinics and dealers.This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company’s ability to control. The Company cautions shareholders and prospective investors that the following factors, among others, may cause actual results to differ materially from those indicated by the forward-looking statements: competition within the dental, veterinary, and rehabilitative and assistive living supply industries; changes in the economics of dentistry, including reduced growth in expenditures by private dental insurance plans, the effects of economic conditions and the effects of healthcare reform, which may affect future per capita expenditures for dental services and the ability and willingness of dentists to invest in high-technology products; the effects of healthcare related legislation and regulation which may affect expenditures or reimbursements for rehabilitative and assistive products; changes in the economics of the veterinary supply market, including reduced growth in per capita expenditures for veterinary services and reduced growth in the number of households owning pets; the ability of the Company to maintain satisfactory relationships with its sales force; unexpected loss of key senior management personnel; unforeseen operating risks; risks associated with the dependence on manufacturers of the Company’s products; and the ability of the Company to successfully integrate the recent acquisitions into its existing business. Forward-looking statements are qualified in their entirety by the cautionary language set forth in the Company's filings with the Securities and Exchange Commission.
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