Patterson Companies Completes Sale of Patterson Medical to Madison Dearborn Partners
August 28 2015 - 11:15AM
Business Wire
Patterson Companies, Inc. (NASDAQ:PDCO) today announced that it
has successfully completed the previously disclosed sale of its
medical business to Madison Dearborn Partners (MDP). Under the
terms of the agreement, MDP, a Chicago-based private equity firm,
is paying Patterson Companies gross proceeds of approximately $715
million in cash.
Scott P. Anderson, chairman and chief executive officer of
Patterson Companies, commented, “The sale of the medical business
accomplishes a key component of Patterson’s strategic
transformation. We are now well-positioned to focus on developing
our highly synergistic dental and animal health businesses,
accelerating return on our investments and delivering shareholder
value.”
Patterson intends to apply the proceeds from the sale of its
medical unit to reduce the debt it incurred to fund the acquisition
of Animal Health International, Inc.
About Patterson Companies, Inc.Patterson Companies, Inc.
is a value-added distributor serving the dental and animal health
markets.Dental MarketPatterson 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.Animal Health MarketPatterson
Animal Health, formerly Patterson Veterinary, is a leading,
full-line distributor in North America and the U.K. of animal
health products, services and technologies to both the
production-animal and companion-pet markets.
About Madison Dearborn PartnersMadison Dearborn Partners
(MDP), based in Chicago, is a leading private equity investment
firm in the United States. Since MDP's formation in 1992, the firm
has raised six funds with aggregate capital of over US $18 billion
and has completed approximately 130 investments. MDP invests in
businesses across a broad spectrum of industries, including health
care; basic industries; business and government services; consumer;
financial and transaction services; and telecom, media and
technology services. Notable health care investments include Option
Care, Sage Products, Kaufman Hall, Sirona Dental, Team Health, and
VWR International. For more information, please visit
www.mdcp.com.
This press release contains certain 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 Patterson’s ability to
control. Forward-looking statements generally can be
identified by words such as “believes,” “expects,” “anticipates,”
“foresees,” “forecasts,” “estimates” or other words or phrases of
similar import. Similarly, statements that describe the proposed
benefits of the transaction, including its financial impact, and
other statements of management’s beliefs, intentions or goals also
are forward-looking statements. It is uncertain whether any of
the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do, what impact they will
have on the results of operations and financial condition of the
combined companies or the price of Patterson stock. These
forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from those
indicated in such forward-looking statements including, but not
limited to, the ability of Patterson to successfully integrate
Animal Health’s operations, product lines and technology; the
ability of Patterson to implement its plans, forecasts and other
expectations with respect to Animal Health’s business and realize
additional opportunities for growth; and the other risks and
important factors contained and identified in Patterson’s filings
with the Securities and Exchange Commission, such as its Quarterly
Reports on Form 10-Q and Annual Reports on Form 10-K, any of which
could cause actual results to differ materially from the
forward-looking statements. Any forward-looking statement in
this press release speaks only as of the date on which it is
made. Except to the extent required under the federal
securities laws, Patterson does not intend to update or revise the
forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20150828005430/en/
Patterson Companies, Inc.Ann B. Gugino,
651-686-1600Executive Vice President & CFO
Patterson Companies (NASDAQ:PDCO)
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