MELVILLE, N.Y., Feb. 18, 2013 /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, today announced the acquisition of the Maddox Practice Group (MPG), a leading practice transition group that serves the California dental market. Financial and other terms of the transaction were not disclosed.
MPG was founded by A. Lee Maddox, DDS, ESQ and is based in Newport Beach, California. Dr. Maddox, a retired endodontist, is a prominent figure in the California dental community. He is a former instructor of endodontics at University of Southern California and is a frequent lecturer at national, regional and local dental society meetings.
MPG will become part of Henry Schein Professional Practice Transitions (HS PPT), the division of Henry Schein Financial Services that provides a full range of dental practice brokerage, practice valuations and practice transition planning services. In addition to HS PPT, Henry Schein Financial Services offers an array of business solutions for health care practitioners, including equipment leasing and financing, and patient and practice credit card services.
"We are proud to expand our Practice Transitions business in California, one of the largest dental markets in the U.S., with approximately 32,000 licensed dentists," said Stanley M. Bergman, Chairman and Chief Executive Officer of Henry Schein. "In acquiring MPG, we are expanding our team of experts that partner the right buyers and sellers based on fit, specialization and value. We are delighted to welcome Dr. Maddox, his colleague Kerri McCullough and their staff to Henry Schein. The professionals at MPG bring an entrepreneurial spirit that is the hallmark of Team Schein."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 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 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.
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