Transactions Strengthen Animal Health
Market
Patterson Companies, Inc. (Nasdaq: PDCO) a leading distribution
company in the dental and animal health industries, today announced
that it has signed two separate acquisition agreements for its
Animal Health business – Infusion Concepts in the United Kingdom
and Mountain Vet Supply in the United States.
Patterson’s U.K. animal health business, National Veterinary
Services Limited (NVS), is set to acquire Infusion Concepts Ltd., a
market leader in the design and supply of infusion, drainage and
critical care products that benefit the veterinary profession and
their animal patients. This strategic purchase underscores
Patterson’s commitment to expanding its portfolio with high-quality
products for its veterinary partners.
“We are excited to add the entire Infusion Concepts product line
to our portfolio. Their expertise in designing infusion pumps
specifically for animals, coupled with their high quality
standards, aligns with our mission of delivering excellence in
animal health care for veterinarians,” said George Henriques,
president of Patterson Companion Animal. “This acquisition aligns
with our strategy of investing in our business and the animal
health industry.”
Patterson’s production animal business, Animal Health
International, Inc., will acquire a majority of the operating
assets related to Mountain Vet Supply, a regional distributor with
a retail location headquartered in Fort Collins, Colorado. Upon
closing, the acquisition is expected to grow Patterson Animal
Health’s presence in the production and companion animal market,
drive increased operating leverage, create synergies with strategic
vendors, and allow Animal Health International, Inc. to provide
exceptional customer service to Mountain Vet Supply’s
customers.
According to Steve Cunningham, president of Patterson Production
Animal, “Mountain Vet Supply has been a cornerstone in Fort Collins
for nearly 40 years, supplying ranchers and producers through their
retail store and customer delivery structure. We look forward to
serving their customer base in the Colorado, Nebraska, Wyoming and
Montana markets. We welcome our new colleagues to the Animal Health
International, Inc. team and look forward to continued success
together.”
Terms of the transaction are not being disclosed. Patterson
expects to close the transactions during its second fiscal quarter
of FY2025.
This press release contains, and our officers and
representatives may from time to time make, certain
“forward-looking statements” within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995, including statements regarding future financial performance,
and the objectives and expectations of management. Forward-looking
statements often include words such as “believes,” “expects,”
“anticipates,” “estimates,” “intends,” “plans,” “seeks” or words of
similar meaning, or future or conditional verbs, such as “will,”
“should,” “could” or “may.”
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not place undue
reliance on any of these forward-looking statements.
Any number of factors could affect our actual results and cause
such results to differ materially from those contemplated by any
forward-looking statements, including, but not limited to, the
following: our dependence on suppliers to manufacture and supply
substantially all of the products we sell; potential disruption of
distribution capabilities, including service issues with
third-party shippers; our dependence on relationships with sales
representatives and service technicians to retain customers and
develop business; risks of selling private label products,
including the risk of adversely affecting our relationships with
suppliers; adverse changes in supplier rebates or other purchasing
incentives; the risk of technological and market obsolescence for
the products we sell; the risk of failing to innovate and develop
new and enhanced software and e-services products; our dependence
on positive perceptions of Patterson’s reputation; risks associated
with illicit human use of pharmaceutical products we distribute;
risks inherent in acquiring and disposing of assets or other
businesses and risks inherent in integrating acquired businesses;
turnover or loss of key personnel or highly skilled employees;
risks associated with information systems, software products and
cyber-security attacks; risks inherent in our growing use of AI
systems to automate processes and analyze data; adverse impacts of
wide-spread public health concerns as we experienced with the
COVID-19 pandemic and may experience in the future; risks related
to climate change; our ability to comply with restrictive covenants
and other limits in our credit agreement; the risk that our
governing documents and Minnesota law may discourage takeovers and
business combinations; the effects of the highly competitive dental
and animal health supply markets in which we compete; the effects
of consolidation within the dental and animal health supply
markets; risks from the formation or expansion of GPOs, provider
networks and buying groups that may place us at a competitive
disadvantage; exposure to the risks of the animal production
business, including changing consumer demand, the cyclical
livestock market, weather conditions, the availability of natural
resources and other factors outside our control, and the risks of
the companion animal business, including the possibility of disease
adversely affecting the pet population; exposure to the risks of
the health care industry, including changes in demand due to
political, economic and regulatory influences and other factors
outside our control; increases in over-the-counter sales and
e-commerce options; risks of litigation and government inquiries
and investigations, including the diversion of management’s
attention, the cost of defending against such actions, the
possibility of damage awards or settlements, fines or penalties, or
equitable remedies (including but not limited to the revocation of
or non-renewal of licenses) and inherent uncertainty; failure to
comply with health care fraud or other laws and regulations; change
and uncertainty in the health care industry; failure to comply with
existing or future U.S. or foreign laws and regulations including
those governing the distribution of pharmaceuticals and controlled
substances; failure to comply with evolving data privacy laws and
regulations; tax legislation; risks inherent in international
operations, including currency fluctuations; and uncertain
macro-economic conditions, including inflationary pressures.
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, accordingly, any
forward-looking statements contained herein should not be relied
upon as a prediction of actual results.
You should carefully consider these and other relevant factors,
including those risk factors in Part I, Item 1A, (“Risk Factors”)
in our most recent Form 10-K and information which may be contained
in our other filings with the U.S. Securities and Exchange
Commission, or SEC, when reviewing any forward-looking
statement.
Investors should understand it is impossible to predict or
identify all such factors or risks. As such, you should not
consider the foregoing list, or the risks identified in our SEC
filings, to be a complete discussion of all potential risks or
uncertainties.
Any forward-looking statement made by us in this press release
is based only on information currently available to us and speaks
only as of the date on which it is made. We do not undertake any
obligation to release publicly any revisions to any forward-looking
statements, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
About Patterson Companies Inc.
Patterson Companies Inc. (Nasdaq: PDCO) connects dental and
animal health customers in North America and the U.K. to the latest
products, technologies, services, and innovative business solutions
that enable operational and professional success. Our comprehensive
portfolio, distribution network and supply chain are equaled only
by our dedicated, knowledgeable people who deliver unrivaled
expertise and unmatched customer service and support.
Learn more: pattersoncompanies.com,
animalhealthinternational.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240926527327/en/
Corporate Communications 651.905.3349
corporate.communications@pattersoncompanies.com
pattersoncompanies.com
John M. Wright, Investor Relations 651.686.1364
john.wright@pattersoncompanies.com pattersoncompanies.com
Patterson Companies (NASDAQ:PDCO)
Gráfica de Acción Histórica
De Oct 2024 a Nov 2024
Patterson Companies (NASDAQ:PDCO)
Gráfica de Acción Histórica
De Nov 2023 a Nov 2024
