Henry Schein Inc., Acquires 85 Percent of Jorgen Kruuse A/S

The deal was announced June 23.

Henry Schein Inc. a provider of health care products and services to office-based animal health, dental and medical practitioners, has announced that it will acquire 85 percent of Jorgen Kruuse A/S, a leading distributor of veterinary supplies in the Nordic countries and an international provider of veterinary products and services.

Kruuse’s 2014 sales were about $90 million. The acquisition will extend Henry Schein's geographic presence to Denmark, Norway and Sweden. The deal was announced June 23.

The remaining 15 percent of Kruuse will be retained by the Kruuse family.

Henry Schein, based in Melville, N.Y., expects the transaction to close in the third quarter, and for the acquisition to be neutral to its earnings per share from the date of closing through the end of 2015 and accretive thereafter. Additional financial details were not disclosed.  

Founded in 1896 and headquartered in Langeskov, Denmark, Kruuse offers a large portfolio of proprietary products and branded consumable merchandise, as well as pet accessories, capital equipment and pet food to veterinary clinics and retail pet stores in Denmark, Norway and Sweden.

Kruuse has an operational presence in Poland, the United Kingdom and China, and serves customers in more than 100 countries through a network of distributors, with particular presence across Europe and the United Kingdom. KRUUSE has approximately 250 team members.

Through the acquisition, Henry Schein's animal health business will expand to 23 countries, including the United States, Australia, New Zealand, Canada, China, Malaysia and 17 countries in Europe. In 2014, Henry Schein's Global Animal Health business had sales of approximately $2.9 billion. 

"We are delighted to be entering the Nordic animal health market with a well-recognized family company that offers a highly regarded line of Kruuse-branded products," said Stanley M. Bergman, chairman of the board and CEO of Henry Schein.

"Kruuse enjoys deep customer loyalty and satisfaction, as well as a reputation for quality products and strong brand awareness. Building upon our recent acquisitions of scil animal care in Germany, Maravet in Romania, and SmartPak in the U.S., our animal health business continues to thrive while gaining market share through a combination of solid organic growth and strategic transactions."

Jesper Smith, CEO of Kruuse since 2009, will join Henry Schein with continued responsibility for the Kruuse business. Other members of the leadership team will remain with the company, including Mads Kruuse, a director, and Peter Eriksen Jensen, chairman.

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