ST. PAUL, Minn.–(BUSINESS WIRE)–Patterson Companies, Inc. (NASDAQ:PDCO) today announced that it has
successfully completed the previously disclosed sale of its medical
business to Madison Dearborn Partners (MDP). Under the terms of the
agreement, MDP, a Chicago-based private equity firm, is paying Patterson
Companies gross proceeds of approximately $715 million in cash.
Scott P. Anderson, chairman and chief executive officer of Patterson
Companies, commented, “The sale of the medical business accomplishes a
key component of Patterson’s strategic transformation. We are now
well-positioned to focus on developing our highly synergistic dental and
animal health businesses, accelerating return on our investments and
delivering shareholder value.”
Patterson intends to apply the proceeds from the sale of its medical
unit to reduce the debt it incurred to fund the acquisition of Animal
Health International, Inc.
About Patterson Companies, Inc.
Patterson Companies, Inc. is
a value-added distributor serving the dental and animal health markets.
Patterson Dental provides a virtually complete range
of consumable dental products, equipment and software, turnkey digital
solutions and value-added services to dentists and dental laboratories
throughout North America.
Animal Health Market
Animal Health, formerly Patterson Veterinary, is a leading, full-line
distributor in North America and the U.K. of animal health products,
services and technologies to both the production-animal and
About Madison Dearborn Partners
Madison Dearborn Partners
(MDP), based in Chicago, is a leading private equity investment firm in
the United States. Since MDP’s formation in 1992, the firm has raised
six funds with aggregate capital of over US $18 billion and has
completed approximately 130 investments. MDP invests in businesses
across a broad spectrum of industries, including health care; basic
industries; business and government services; consumer; financial and
transaction services; and telecom, media and technology services.
Notable health care investments include Option Care, Sage Products,
Kaufman Hall, Sirona Dental, Team Health, and VWR International. For
more information, please visit www.mdcp.com.
This press release contains certain forward-looking statements, as
defined in the Private Securities Litigation Reform Act of
1995. Forward-looking statements are information of a non-historical
nature and are subject to risks and uncertainties that are beyond
Patterson’s ability to control. Forward-looking statements generally can
be identified by words such as “believes,” “expects,” “anticipates,”
“foresees,” “forecasts,” “estimates” or other words or phrases of
similar import. Similarly, statements that describe the proposed
benefits of the transaction, including its financial impact, and other
statements of management’s beliefs, intentions or goals also are
forward-looking statements. It is uncertain whether any of the events
anticipated by the forward-looking statements will transpire or occur,
or if any of them do, what impact they will have on the results of
operations and financial condition of the combined companies or the
price of Patterson stock. These forward-looking statements involve
certain risks and uncertainties that could cause actual results to
differ materially from those indicated in such forward-looking
statements including, but not limited to, the ability of Patterson to
successfully integrate Animal Health’s operations, product lines and
technology; the ability of Patterson to implement its plans, forecasts
and other expectations with respect to Animal Health’s business and
realize additional opportunities for growth; and the other risks and
important factors contained and identified in Patterson’s filings with
the Securities and Exchange Commission, such as its Quarterly Reports on
Form 10-Q and Annual Reports on Form 10-K, any of which could cause
actual results to differ materially from the forward-looking
statements. Any forward-looking statement in this press release speaks
only as of the date on which it is made. Except to the extent required
under the federal securities laws, Patterson does not intend to update
or revise the forward-looking statements.
Patterson Companies, Inc.
Ann B. Gugino, 651-686-1600
Vice President & CFO