Veterinary wholesaler bought by US company
The UK's largest veterinary distributor, National Veterinary Services (NVS), has been conditionally sold to US firm, Patterson Companies.
Patterson Companies, which supplies dental and diagnostic products, vaccines, veterinary equipment and pharmaceuticals, is to acquire all outstanding shares of NVS for £87.5million.
Wholly owned by Dechra Pharmaceuticals, NVS is reported to have had revenues of more than £315million for the year ended June 30, 2013.
As NVS becomes a stand-alone subsidiary of Patterson Companies, the UK wholesaler's current managing director, Martin Riley, will continue in his role which he has held for eight years.
Commenting on the development, CEO of Dechra Ian Page, said: "It will create a focused, international, branded veterinary products business, with the resources to pursue further organic and acquisitive growth and thereby generate increased value for shareholders…
"I believe that Patterson's international presence and sole focus on services will ensure a strong future for these businesses."
The agreement is subject to approval by Dechra shareholders and the closing date has been set for the middle of this month (August).
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