MELVILLE, N.Y., July 10, 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, announced today that it has made a 50 percent ownership investment in Maravet, a leading animal health distributor in Romania. The transaction closed in the second quarter of 2015. Financial terms of the transaction were not disclosed.
Headquartered in Baia Mare, Romania, Maravet is a privately-held company with annual sales of approximately $23 million and 89 team members. The company was founded in 1998 by the Korponay family, which retains a 50 percent ownership position in Maravet. Mr. Ferenc Korponay, a veterinarian by training, is continuing as the company's Managing Director.
"We are delighted to enter Romania with a market-leading company that shares Henry Schein's commitment to serving the veterinary community with excellence," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. "Maravet also enjoys strong relationships with its valued supplier partners, and we welcome the opportunity to build on this firm foundation as we continue to grow our business in Eastern Europe."
Henry Schein's investment in Maravet adds to its Eastern European presence. In 2013, the Company acquired Poland's Medivet, a transaction that built upon Henry Schein's existing animal health business in the Czech Republic, which was established in 2009.
"We look forward to the many opportunities our new partnership with Henry Schein will bring to the Maravet team, our supplier partners, and the veterinary professionals we serve," said Mr. Korponay. "Henry Schein's dedication to the veterinary community is clearly evidenced by the value it brings to animal health practitioners across Europe, North America and Australasia, and we look forward to leveraging its global resources for the benefit of animal health practitioners in Romania."
With the addition of Maravet, Henry Schein Animal Health serves customers in 14 European countries: Austria, Belgium, the Czech Republic, France, Germany, Ireland, Italy, Netherlands, Poland, Portugal, Romania, Spain, Switzerland and the United Kingdom. The Company also has Animal Health businesses in the United States, Australia, New Zealand, Canada and Malaysia. In 2014, Henry Schein's global Animal Health business had sales of approximately $2.9 billion.
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 30 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. 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 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 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 macroeconomic 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; 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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