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Patterson Companies Expands Strategic Direction For Veterinary Business

Stocks in this article: PDCO

Patterson Companies, Inc. (Nasdaq: PDCO) today announced another step in the company’s strategic vision for its veterinary business. Patterson Companies has agreed to acquire the stock of National Veterinary Services Limited (NVS), a wholly owned subsidiary of Dechra Pharmaceuticals PLC (Dechra) (DPH.L). NVS is the largest veterinary distributor in the United Kingdom providing an array of products and services, including reference laboratory offerings.

Patterson is focused on building its value-added model in the veterinary market by increasing the company’s service offerings, as well as its equipment and technical service strategy, to capture market share as veterinarians expand their practice capabilities to meet heightened pet owner expectations. In line with this overall strategy, the company believes NVS provides an exceptional platform to extend Patterson’s strategies into additional geographic markets.

The Patterson Companies and the Dechra Boards of Directors have unanimously approved a definitive agreement, under which Patterson Companies will acquire all of the outstanding shares of NVS for £87.5 million (approximately US $135 million) in cash. The transaction is subject to approval by Dechra shareholders with a closing date currently scheduled in August 2013. NVS had revenues of more than £315 million for its year ended June 30, 2013. In Patterson’s first full year after closing, the acquisition is expected to be accretive to earnings by $0.04 to $0.05 per share, including the impact of one-time and transactional expenses.

"This agreement reflects our commitment to Patterson Veterinary’s strategic direction. Through this acquisition, we are able to expand Patterson Veterinary internationally, providing our industry-leading service to a new market,” said Scott P. Anderson, chairman and chief executive officer of Patterson Companies. "Over the past several years, we have seen the strength of Patterson’s platform and global network continue to grow. With this acquisition, we will further extend our footprint and increase shareholder value."

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