Henry Schein to Acquire Columbia-based Merritt Veterinary Supplies
Tuesday, August 29th, 2017
Henry Schein, Inc., the world's largest provider of health care products and services to office-based dental, animal health, and medical practitioners, announced that it will acquire Merritt Veterinary Supplies, Inc., an independent, family-owned supplier of animal health products. Merritt serves approximately 4,500 veterinary clinics across the eastern U.S., and has a particularly strong presence in the southeastern U.S.
Merritt had 2016 sales of approximately $115 million. Henry Schein expects the acquisition to be neutral to its 2017 earnings per share and to be accretive thereafter. Upon the closing of the transaction, which is expected in the third quarter of 2017, Merritt will become part of Henry Schein Animal Health, the U.S. animal health business of Henry Schein, Inc. Financial terms were not disclosed.
"The acquisition of Merritt Veterinary Supplies, one of the nation's largest independent regional veterinary suppliers, will meaningfully add to the scale of our U.S. animal health business while reinforcing our existing animal health presence in the eastern U.S. It also will benefit our animal health diagnostic, equipment, and surgical instruments businesses, including scil, KRUUSE, and Veterinary Instrumentation," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. "We look forward to serving Merritt's customers with the same high standards and commitment to helping veterinarians run more efficient, successful practices while providing the highest quality care."
Merritt is headquartered in Columbia, South Carolina, and was founded in 1938 by veterinarian Dr. Lloyd Merritt and his wife. Merritt has about 150 employees and offers a comprehensive line of products, including pharmaceuticals, diagnostics, and equipment, some on an exclusive basis. At closing, Merritt's long-standing, loyal customers will benefit from a broader array of products, value-added services, and technology solutions.
Bobby Mims, President of Merritt Veterinary Supplies, said, "Merritt and Henry Schein share a deep commitment to providing the best customer experience possible. Our customers will benefit from the broader geographical presence of Henry Schein's distribution network as well as the company's commitment to provide customers with the products and services they need to operate successful veterinary practices. We are confident that the combined impact of our sales teams will result in greater value for our customers."
Henry Schein Animal Health, based in Dublin, Ohio, is the leading companion animal health distribution company in the United States. The company employs approximately 1,000 team members, including more than 250 field sales representatives and 150 telesales and customer support representatives. With 13 strategically located, state-of-the-art distribution facilities and seven inside sales centers, the company maintains a greater than 99 percent order-fill ratio, accomplishing its mission of providing the best customer experience possible.