said it will buy
, a privately held rehabilitative products distributor, for $575 million.
Patterson will finance the deal with debt, and the company expects to close the acquisition in the second quarter ending Oct. 25. AbilityOne will be operated as a wholly owned unit of Patterson, and Howard A. Schwartz will continue as the company's president and chief executive.
Chicago-based AbilityOne delivers rehabilitation products to acute-care hospitals, nursing homes, rehabilitation clinics and other clients. The company expects revenue of $220 million in calendar year 2003.
AbilityOne is currently owned by One Equity Partners, the private equity unit of
, Beecken Petty, a venture capital firm, U.K. medical device company
Smith & Nephew
and its management.
Patterson provides dental products and clinical and lab equipment to dentists, dental labs and institutions in North America. The company's shares were gaining $1.64 to $53.15 on the