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 its U.S. Animal Health business, Henry Schein Animal Health, has completed its acquisition of an approximate 60% ownership position in SmartPak, the leading provider of equine supplements and horse supplies across the United States. This transaction was first announced on May 22, 2014.
As previously reported, SmartPak had sales in 2013 of approximately $105 million. Private equity firm Oak Hill Capital Partners and SmartPak's existing management team will own SmartPak's remaining equity. Financial terms of the transaction were not disclosed. As stated when Henry Schein first announced its agreement with SmartPak, Henry Schein expects the transaction to be neutral to its earnings per share for the second half of 2014 and full-year 2015 and accretive to earnings per share in 2016 by $0.02-$0.03.
"SmartPak is a highly regarded, fast-growing company that nicely complements our existing U.S. animal health business, and we are delighted to have completed this transaction," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. "Henry Schein has built a position of global leadership in the animal health market, and we look forward to continued opportunities for growth with SmartPak and across our animal health platform."
In addition to its U.S. Animal Health business, Henry Schein is the leading distributor of products and services to veterinary practitioners in Australia and New Zealand, and the leading pan-European veterinary distributor. Henry Schein has European animal health operations in Austria, Belgium, the Czech Republic, France, Germany, Ireland, Poland, Portugal, Spain, Switzerland, The Netherlands, and the United Kingdom. In 2013, Henry Schein's Global Animal Health business had sales of approximately $2.6 billion.
From the feed room to the tack room, SmartPak offers innovative solutions to help riders take great care of their horses. SmartPak was founded in 1999 with the introduction of the patented SmartPak supplement feeding system.
The revolutionary, daily dose SmartPaks are custom-made for horses, individually labeled and sealed for freshness. With the success of this simple and convenient feeding system, SmartPak has continued to expand its offering of quality products, including its own line of more than 55 supplement formulas called SmartSupplements, and a wide variety of tack, equipment, and supplies. The Company has grown rapidly each year and is the largest retailer of equestrian products in the United States. SmartPak's success has been powered by a passion for delivering an unbeatable customer experience, and the Company has been recognized with a Bizrate Circle of Excellence award as well as an "Elite" rating from STELLAService. These awards recognize retailers for providing excellent customer service to their online customers. A nine-time Inc. 500/5000 list honoree, SmartPak is the only equine company ever named to the Inc. 500 list.