This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PSS World Medical Announces Agreement To Sell Specialty Dental Business To Beecken Petty O'Keefe & Company

JACKSONVILLE, Fla., Sept. 27, 2012 (GLOBE NEWSWIRE) -- PSS World Medical, Inc. (Nasdaq:PSSI) announced today that it has reached a definitive agreement for the sale of its specialty dental business to Beecken Petty O'Keefe & Company ("BPOC") for a sale price of $68 million. The transaction is expected to close in October 2012, following the satisfaction of regulatory licensing requirements and other closing conditions.

David M. Bronson, Executive Vice President and Chief Financial Officer, commented, "Through a comprehensive process, we identified a buyer for our specialty dental business that has significant healthcare expertise and investment capabilities to grow this business. The proceeds from this sale, which were at the high end of our expectations, will accelerate investments to drive long-term growth in our four focused verticals – Physician, Laboratory, Dispensing and Home Care & Hospice."

As a part of this transaction, PSS and BPOC have entered into certain agreements to ensure a seamless transition of customers and team members.

William Blair served as financial advisor for PSS World Medical.

About PSS World Medical

PSS World Medical, Inc. (Nasdaq:PSSI) markets and distributes medical products and services to front-line caregivers throughout the United States. With 4,000 team members, PSS is a leader in the markets it serves with innovative approaches to customer service and operational excellence. Its stated purpose is to strengthen the clinical success and financial health of caregivers by solving their biggest problems. The Company is focused to accelerate growth in four markets - Physician, Laboratory, Dispensing, and Home Care & Hospice – with products and solutions that deliver high quality, cost effective, and convenient patient care. For more information on PSS, visit www.pssworldmedical.com .

The PSS World Medical, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13669

About Beecken Petty O'Keefe & Company

Founded in 1996, Beecken Petty O'Keefe & Company is a Chicago-based private equity firm that manages approximately $1 billion of committed capital and invests exclusively in middle-market healthcare companies. Since its founding, the firm has invested in numerous healthcare outsourcing, services, provider and distribution companies through management buyouts and leverage recapitalizations. For more information on BPOC, visit www.bpoc.com .

Certain statements in this release are "forward-looking statements" made pursuant to the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "expect," "may," "will," "should," "believe," "plan," "anticipate," and "estimate" among others, and specifically include statements regarding the expiration of the exchange offer and any statements of assumptions underlying the foregoing. These statements involve a number of risks and uncertainties, many of which are outside the control of the Company. Actual results may differ materially from those identified in the forward-looking statements. Among the factors that could cause results to differ materially are the ability of the Company and BPOC to satisfy the regulatory licensing requirements and other conditions to closing the transaction, the ability of the Company to reinvest the proceeds from this sale to drive long-term growth in its four focused verticals and other factors described from time to time in the Company's reports filed with the Securities and Exchange Commission. PSS World Medical, Inc. assumes no obligation to update the information in this release except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

CONTACT: Jenny Kobin
         PSS World Medical
         Vice President, Investor Relations
         904-332-3287

PSS World Medical, Inc. Logo

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs