VCA to Sell a Majority Interest in Vetstreet to Henry Schein
November 02 2015 - 7:00AM
Business Wire
VCA Inc. (NASDAQ: WOOF), a leading national healthcare
company in the United States and Canada, today announced that 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, will acquire a majority interest in
VCA’s subsidiary Vetstreet, Inc., a leading software as a service
(SaaS) provider of marketing solutions and health information
analytics to veterinary practices and animal health product
manufacturers.
Following the closing of the transaction Henry Schein Animal
Health, the U.S. animal health business of Henry Schein, Inc., will
own 80.1 percent of Vetstreet, with the remaining interest owned by
VCA. Financial details and terms of the transaction were not
disclosed.
Bob Antin, Chairman and CEO, VCA Inc., stated, “We are pleased
that through this partnership with Henry Schein, Vetstreet will
gain added support to grow its products and services and help
veterinarians better connect with their pet owner clients.
Vetstreet’s services create a continuity of communication with pet
owners that builds customer loyalty and improves care through
compliance. Strengthening the bonds between veterinarians and their
clients has always been a primary goal of VCA. Vetstreet will
greatly benefit from Henry Schein’s understanding of the marketing
and communication needs of veterinarians and their clients, while
allowing VCA to focus on our core competencies in veterinary
hospitals, clinical laboratories, diagnostic imaging technology,
and related services in the veterinary industry.”
The transaction is expected to close in the first quarter of
2016 and VCA anticipates that it will record a gain of $30 million
to $35 million, subject to transaction costs. In addition, by
reinvesting the proceeds of the sale in animal hospital
acquisitions and share repurchases, the impact of this divestiture
is expected to have an immaterial impact upon the Company’s 2016
operating results.
About VCA Inc.VCA owns, operates and manages the largest
network of freestanding veterinary hospitals and
veterinary-exclusive clinical laboratories in the country.
Additionally, VCA provides online communication, professional
education and marketing solutions, as well as diagnostic imaging
equipment to the veterinary community. For further information
about VCA, visit www.vca.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20151102005555/en/
VCA Inc.Tomas Fuller, Chief Financial Officer310-571-6505
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