MELVILLE, N.Y., Oct. 29, 2013 /PRNewswire/ -- Henry Schein, Inc. (NASDAQ: HSIC), the world's largest provider of health care products and services to office-based dental, animal health and medical practitioners, announced today its expansion into South Africa with the acquisition of a minority ownership position in The Dental Warehouse, a leading distributor of dental consumable merchandise to dentists, private clinics, universities and governmental agencies in the country. Financial and other terms of the transaction were not disclosed.
With headquarters in Johannesburg and sales offices in Cape Town, Durban, Pretoria and Springs, The Dental Warehouse has 64 employees and annual revenues of approximately $10 million. Under the leadership of co-founders Louis Ichikowitz and Bernice Ichikowitz, the company offers branded consumables products and enjoys exclusive relationships with multiple manufacturers.
"We are delighted to partner with Louis and Bernice Ichikowitz and the entire team at Dental Warehouse, an organization that has enjoyed a 40-year history of serving the dental community in South Africa," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. "This is a strategic transaction for Henry Schein that continues to expand our geographic footprint and further strengthen relationships with our valued supplier partners."
Litha Healthcare Group Limited, an integrated health care solutions provider in South Africa, has also acquired a minority interest in The Dental Warehouse as part of a strategic partnership with Henry Schein. Litha offers a wide range of medical devices and consumables, which will provide The Dental Warehouse with additional access to new products and technologies."We are pleased to partner with Dental Warehouse and Henry Schein," said Selwyn Kahanovitz, Chief Executive Officer of Litha Healthcare Group. "We look forward to our new partnership and growing our business with a focus on expanding our customer offering." "As economic reforms in South Africa promote the accelerating emergence of a new middle class, consumers are increasingly benefiting from private health insurance and access to dental care," added Mr. Bergman. " Henry Schein welcomes the opportunity to work with The Dental Warehouse and Litha to offer practitioners in the region the products and services needed to operate successful practices and provide quality care to the growing number of patients seeking their services." Henry Schein's expansion into South Africa brings the Company's global operations to 25 countries across North America, Europe, Australia, New Zealand and Asia. About Litha Healthcare Group Limited Litha Healthcare Group Limited is a diversified healthcare group, providing services, products and solutions to public and private hospitals, pharmacies, general and allied practitioners, as well as government healthcare programmes in South Africa. Headquartered in Midrand, South Africa, the healthcare group has over 475 employees and is currently the only truly diversified healthcare company listed on the Johannesburg Stock Exchange (JSE). The Litha Group is the result of the successful acquisition by Myriad Medical Holdings Limited of Litha Healthcare Holdings (Proprietary) Limited in 2010, which led to the merged Group moving from the AltX to the main board of the Johannesburg Stock Exchange. The Group's businesses include the following areas of healthcare:
- Litha Pharma: generic, originator and complementary medicines
- Litha Medical: devices, consumables and equipment
- Litha Biotech: human vaccines
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts