Patterson Companies Completes Acquisition of National Veterinary Services
ST. PAUL, Minn. -- August 16, 2013
Patterson Companies, Inc. (Nasdaq: PDCO) today completed its acquisition of
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.
"The completion of this transaction marks an important milestone for Patterson
Companies, and advances the strategic direction of our veterinary business. It
furthers our commitment to expand Patterson Companies’ global footprint and
will provide additional opportunities to increase shareholder value,” said
Scott P. Anderson, chairman and chief executive officer of Patterson
As previously disclosed when the transaction was announced July 10, 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. Patterson Companies remains committed to
building its equipment and technical service strategy to capture market share,
and the company anticipates solid growth opportunities as Patterson continues
to reshape the market.
About Patterson Companies, Inc.:
Patterson Companies, Inc. is a value-added distributor serving the dental,
companion-pet veterinarian and rehabilitation supply markets.
As Patterson’s largest business, Patterson Dental provides a virtually
complete range of consumable dental products, equipment and software, turnkey
digital solutions and value-added services to dentists and dental laboratories
throughout North America.
Patterson Veterinary is a leading distributor of consumable veterinary
supplies, equipment and software, diagnostic products, vaccines and
pharmaceuticals to companion-pet veterinary clinics.
Patterson Medical is the world’s leading distributor of rehabilitation
supplies and non-wheelchair assistive patient products to the physical and
occupational therapy markets. The unit’s global customer base includes
hospitals, long-term care facilities, clinics and dealers.
About Dechra Pharmaceuticals PLC:
Dechra is an international veterinary pharmaceutical business. Its expertise
is in the development, manufacturing, distribution, sales and marketing of
high quality products exclusively for veterinarians worldwide. Dechra’s
business is unique as the majority of its products are used to treat medical
conditions for which there is no other effective solution or have a clinical
or dosing advantage over competitor products.
This release contains forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
information of a non-historical nature and are subject to risks and
uncertainties that are beyond the Company's ability to control. The Company
cautions shareholders and prospective investors that the following factors,
among others, may cause actual results to differ materially from those
indicated by the forward-looking statements: competition within the dental,
veterinary, and rehabilitative and assistive living supply industries; changes
in the economics of dentistry, including reduced growth in expenditures by
private dental insurance plans, the effects of economic conditions and the
effects of healthcare reform, which may affect future per capita expenditures
for dental services and the ability and willingness of dentists to invest in
high-technology products; the effects of healthcare related legislation and
regulation which may affect expenditures or reimbursements for rehabilitative
and assistive products; changes in the economics of the veterinary supply
market, including reduced growth in per capita expenditures for veterinary
services and reduced growth in the number of households owning pets; the
ability of the Company to maintain satisfactory relationships with its sales
force; unexpected loss of key senior management personnel; unforeseen
operating risks; risks associated with the dependence on manufacturers of the
Company's products; and the ability of the Company to successfully integrate
the recent acquisitions into its existing business. Forward-looking statements
are qualified in their entirety by the cautionary language set forth in the
Company's filings with the Securities and Exchange Commission.
Patterson Companies, Inc.
Ann B. Gugino, 651-686-1600
Vice President, Planning & Strategy
R. Stephen Armstrong, 651-686-1600
Executive Vice President & CFO
Press spacebar to pause and continue. Press esc to stop.