MELVILLE, N.Y., Jan. 8, 2018 /PRNewswire/ -- Henry Schein, Inc. (Nasdaq: HSIC), the world'slargest provider of health care products and services to office-based dental, animal health, and medical practitioners, announced today that it has acquired a 60 percent ownership investment in ABASE, a family-owned distributor of veterinary health care
Headquartered in Jaguariuna, ABASE sells pharmaceuticals, pet food, diagnostic equipment, and consumables primarily to the companion animal, swine, poultry, and bovine segments. ABASE had 2017 revenues of approximately $27 million.
Henry Schein expects the transaction to be neutral to its 2018 earnings per share and to be accretive thereafter. Financial terms were not disclosed.
"This ownership investment strengthens our position in Brazil's animal health market, which we established earlier this year in the state of Rio de Janeiro with our investment in Tecnew. It also diversifies our relationship with global suppliers and approximately doubles our volume in Brazil," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. "We look forward to leveraging the expertise between Tecnew and ABASE to further advance both businesses and to focus on new opportunities to help veterinarians in Brazil run more efficient, successful practices while providing the highest quality care."
ABASE was founded in 1990 by Edison Baba, who will retain a minority ownership position and continue to lead the business as a Managing Director. The company has approximately 90 employees, including a sales staff of more than 45 team members, and operates a centralized distribution center in Jaguariuna.
According to Mr. Baba, "In combining our resources with the deep expertise of Henry Schein, a global leader in animal health, we look forward to building upon our history of steady growth. ABASE shares with Henry Schein a commitment to customer success, and we are excited to bring existing and new customers a broader array of products, value-added services, and technology solutions."
Henry Schein's Global Animal Health business had 2016 net sales of $3.3 billion and has operations or affiliates in 24 countries including the United States, Australia, New Zealand, Brazil, Canada, China, Malaysia, and 17 countries in Europe. The company supports animal health practitioners through the distribution of biologics, pharmaceuticals, supplies and equipment, and by actively engaging in the development, sale, and distribution of veterinary practice management software.
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 22,000 Team Schein Members and serves more than 1 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 120,000 branded products and Henry Schein private-brand products in stock, as well as more than 180,000 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 34 countries. The company's sales reached a record $11.6 billion in 2016, and have grown at a compound annual rate of approximately 15 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. A full discussion of our operations and financial condition, including factors that may affect our business and future prospects, is contained in documents we have filed with the United States Securities and Exchange Commission, or SEC, and will be contained in all subsequent periodic filings we make with the SEC. These documents identify in detail important risk factors that could cause our actual performance to differ materially from current expectations.
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 and consolidating 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; increases in shipping costs for our products or other service issues with our third-party shippers; general global macro-economic conditions; risks associated with currency fluctuations; risks associated with political and economic uncertainty; disruptions in financial markets; 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; 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.
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