MELVILLE, N.Y., Nov. 2, 2015 /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, today announced that it will acquire a
majority interest in 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. Vetstreet had sales in 2014 of
approximately $43 million.
Upon the closing of the transaction, which is expected early in
2016, Henry Schein Animal Health, the U.S. animal health business
of Henry Schein, Inc., will own 80.1
percent of Vetstreet, and the remaining minority interest will
continue to be owned by VCA Inc. (NASDAQ: WOOF). Henry Schein expects the acquisition to be
neutral to its 2016 diluted earnings per share and $0.01- $0.02 accretive thereafter.
Additional financial details and terms of the transaction were not
disclosed.
Founded in 2008 and headquartered in Yardley, PA., Vetstreet offers veterinary
practices a fully integrated suite of online and offline products
and services that improve veterinary practices' ability to
communicate with pet owners for all of their pet needs and address
the lack of compliance with wellness visits.
"Vetstreet will nicely complement our animal health businesses,"
said Stanley M. Bergman, Chairman of
the Board and Chief Executive Officer of Henry Schein. "Vetstreet's offering will expand
our practice marketing and client communication solutions, provide
tools to further enhance our supplier relationships, better connect
us with our veterinary customers, and help our veterinary customers
better connect to their pet owner-clients."
"Vetstreet's services create a continuity of communication with
pet owners that builds customer loyalty, improves care through
better compliance and improves the health of veterinary practices,"
added Mr. Bergman. "With more than three million unique monthly
visitors, Vetstreet's consumer-facing website, Vetstreet.com,
includes a wide variety of features designed to connect pet owners
with the veterinarian for all their pet needs, including
pet-related education, training and wellness content. We look
forward to multiple opportunities for business synergies, including
with our AVImark and ImproMed animal health software products. We
also very much look forward to welcoming the Vetstreet team to Team
Schein."
The approximately 100 members of Vetstreet will continue to be
led by its current management team, including the Company's founder
and President Derrick
Kraemer.
"Henry Schein is the leader in
serving the evolving needs of animal health professionals and in
bringing innovation to the marketplace," said Mr. Kraemer.
"As part of the Henry Schein family,
we look forward to Vetstreet having an opportunity to expand and
enhance its offering to better serve the unique and changing needs
of veterinary customers."
About Vetstreet, Inc.
Vetstreet, headquartered in Yardley,
PA, offers integrated online and offline educational
products, communication programs, and custom designed marketing
solutions for veterinary professionals seeking to influence pet
owner behavior in a medically appropriate and measurable way.
Vetstreet's automated marketing and communications provide pet
owners with highly personal, relevant, and timely communications
that enhance the bond with their veterinarian and results in
improved compliance and increased revenue for the practice.
Vetstreet's primary product offering is complemented by three
consumer centric products: HealthyPet Magazine, an
educational and fun magazine targeted to pet owners, delivered as
part of a premier healthcare reminder system that also features
postcard reminders; Vetstreet's custom manufacturer marketing
programs and professional services that can include incentives to
pet owners and provides data analytics back to the practice with
measurable results; and Vetstreet.com, one of the fastest growing
online pet owner destinations dedicated to providing the most
trusted, authoritative information available to keep pet owners
informed about a wide variety of pet health-related news.
Vetstreet.com is part of the largest media networks in the country,
and offers marketers an ability to connect their brands to millions
of pet owners within the most credible consumer-focused website in
the animal health marketplace.
For more information, visit Vetstreet at www.vetstreetpro.com
and www.vetstreet.com/
About Henry Schein,
Inc.
Henry Schein, Inc. (NASDAQ:HSIC)
is the world's largest provider of health care products and
services to office-based dental, animal health and medical
practitioners. The Company also serves dental laboratories,
government and institutional health care clinics, and other
alternate care sites. A Fortune 500® Company and a member of
the S&P 500® and the NASDAQ 100® indexes, Henry Schein employs more than 18,000 Team
Schein Members and serves more than one million customers.
The Company offers a comprehensive selection of products and
services, including value-added solutions for operating efficient
practices and delivering high-quality care. Henry Schein operates through a centralized and
automated distribution network, with a selection of more than
100,000 branded products and Henry
Schein private-brand products in stock, as well as more than
150,000 additional products available as special-order items. The
Company also offers its customers exclusive, innovative technology
solutions, including practice management software and e-commerce
solutions, as well as a broad range of financial services.
Headquartered in Melville,
N.Y., Henry Schein has
operations or affiliates in 33 countries. The Company's sales
reached a record $10.4 billion in
2014, and have grown at a compound annual rate of approximately 16
percent since Henry Schein became a
public company in 1995. For more information, visit
Henry Schein at www.henryschein.com,
Facebook.com/HenrySchein and @HenrySchein on Twitter.
Cautionary Note Regarding Forward-Looking Statements
In accordance with the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995, we provide the following
cautionary remarks regarding important factors that, among others,
could cause future results to differ materially from the
forward-looking statements, expectations and assumptions expressed
or implied herein. All forward-looking statements made
by us are subject to risks and uncertainties and are not guarantees
of future performance. These forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause our actual results, performance and achievements or
industry results to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. These statements are
identified by the use of such terms as "may," "could," "expect,"
"intend," "believe," "plan," "estimate," "forecast," "project,"
"anticipate" or other comparable terms.
Risk factors and uncertainties that could cause actual results
to differ materially from current and historical results include,
but are not limited to: effects of a highly competitive market; our
dependence on third parties for the manufacture and supply of our
products; our dependence upon sales personnel, customers, suppliers
and manufacturers; our dependence on our senior management;
fluctuations in quarterly earnings; risks from expansion of
customer purchasing power and multi-tiered costing structures;
possible increases in the cost of shipping our products or other
service issues with our third-party shippers; general global
macro-economic conditions; disruptions in financial markets;
possible volatility of the market price of our common stock;
changes in the health care industry; implementation of health care
laws; failure to comply with regulatory requirements and data
privacy laws; risks associated with our global operations;
transitional challenges associated with acquisitions and joint
ventures, including the failure to achieve anticipated synergies;
financial risks associated with acquisitions and joint ventures;
litigation risks; the dependence on our continued product
development, technical support and successful marketing in the
technology segment; risks from challenges associated with the
emergence of potential increased competition by third-party online
commerce sites; risks from disruption to our information systems;
cyberattacks or other privacy or data security breaches; certain
provisions in our governing documents that may discourage
third-party acquisitions of us; and changes in tax legislation. The
order in which these factors appear should not be construed to
indicate their relative importance or priority.
We caution that these factors may not be exhaustive and that
many of these factors are beyond our ability to control or
predict. Accordingly, any forward-looking statements
contained herein should not be relied upon as a prediction of
actual results. We undertake no duty and have no
obligation to update forward-looking statements.
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SOURCE Henry Schein, Inc.