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
TheStreet Open House

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

Stocks in this article: PSSI

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,580.93 +181.26 1.11%
S&P 500 1,936.83 +32.82 1.72%
NASDAQ 4,405.8790 +89.8050 2.08%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs