Covetrus to sell diagnostics subsidiary to Heska for $125 millionJanuary 16, 2020Covetrus is divesting itself of its Scil Animal Care business to Heska Corp. in an all-cash deal worth US$125 million. Subject to customary closing conditions, the transaction is expected to close in the next 60 to 90 days. Headquartered in Germany, Scil is a veterinary diagnostics company that distributes in 24 countries. The agreement also includes a commercial relationship between Covetrus and Heska tied to ongoing logistics support for the latter's family of diagnostic products, as well as connectivity between the Covetrus Global Technology Solutions practice information management software systems (PIMS) and Heska's laboratory and imaging solutions. Covetrus says the net cash proceeds from the sale will go toward paying down debt. In addition, the proceeds may also be used for other general corporate purposes. "While we are still in the early stages of executing on our strategy, this transaction is an important initial step in that process," says Ben Wolin, Covetrus' acting president and chief executive officer. In related company news, Covetrus also announced it was combining its Spain and Portugal businesses with Distrivet, a provider of veterinary products and services in Spain. As a result, Covetrus will own 50.01 percent of Distrivet. The deal is expected to close …
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Pathway Vet Alliance brings Heska equipment in houseJune 28, 2018Pathway Vet Alliance, a national veterinary management company based in Austin, Texas, with 150 locations across the U.S., announced it will bring Heska Corp. point-of-care blood diagnostics, digital imaging, allergy testing, and more into its operational services. The multi-year strategic partnership is expected to improve the workflow efficiency of Pathway's nationwide network of veterinary hospitals through enhanced technology and medicine, according to a company statement. Heska's products and services will be part of Pathway's new medical technology rollouts taking place throughout the country. "We are constantly looking for ways to enhance the experience of the pet owners and pets who visit our clinics and this partnership with Heska is a great example of that," said Stephen Hadley, DVM, CEO at Pathway Vet Alliance. "Together, we expect to incorporate a range of new products and services into our veterinary hospitals, which will minimize wait times and add to our streamlined practice management system." "Heska is proud to be selected by Pathway for point-of-care diagnostics throughout its growing network of hospitals, and we expect Heska, Pathway teams, and, most importantly, pets, to benefit from our partnership," said Kevin Wilson, CEO at Heska. In 2017, Pathway added nearly 100 …
