Patterson To Buy U.K. Veterinary Co. for $135M
Mendota Heights-based distributor Patterson Companies, Inc., said Wednesday that it has reached an agreement with international pharmaceutical company Dechra Pharmaceuticals, PLC, to acquire National Veterinary Services Limited (NVS) for approximately $135 million in cash.
The acquisition is expected to increase Patterson’s veterinary service offerings through the addition of equipment and products and is expected to close in August, pending Dechra shareholders’ approval.
“Through this acquisition, we are able to expand Patterson Veterinary internationally, providing our industry-leading service to a new market,” Patterson Chairman and CEO Scott Anderson said in a statement.
Patterson specializes in distributing dental products, veterinary supplies and vaccines, and rehabilitation products to the health care and pet care industries. The company reported 2012 net sales of $3.5 billion—an increase of 3.5 percent from 2011. It employs approximately 7,059 and has offices in the United States, Canada, the United Kingdom, France, and Australia.
NVS is a wholly owned subsidiary of Northwich, England-based Dechra Pharmaceuticals, PLC. NVS is based in Staffordshire, England, and operates as a veterinary pharmaceuticals supplier. NVS generated $469 million for the fiscal year that ended June 30. Following the acquisition, NVS will retain its name and operate as a stand-alone subsidiary of Patterson Companies. Patterson will retain NVS’ 350 employees.
Dechra, NVS’ parent company, specializes in the development, manufacturing, distribution, sales, and marketing of veterinary products. Dechra employs approximately 500 and has offices in Overland Park, Kansas, as well as in the United Kingdom, Germany, the Netherlands, Sweden, Finland, Norway, Denmark, France, and Spain.
Patterson is among Minnesota’s 25-largest public companies based on revenue. Forbes recently recognized the distributor as one of “America’s 100 Most Trustworthy Companies.”