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. Cautionary Note Regarding Forward-Looking Statements In accordance with the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein. All forward-looking statements made by us are subject to risks and uncertainties and are not guarantees of future performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These statements are identified by the use of such terms as "may," "could," "expect," "intend," "believe," "plan," "estimate," "forecast," "project," "anticipate" or other comparable terms. A full discussion of our operations and financial condition, including factors that may affect our business and future prospects, is contained in documents we have filed with the SEC and will be contained in all subsequent periodic filings we make with the SEC. These documents identify in detail important risk factors that could cause our actual performance to differ materially from current expectations.