Dechra shareholders approve acquisition
US firm Patterson Companies has officially acquired National Veterinary Services (NVS), the UK's largest veterinary distributor.
NVS, which provides an array of veterinary products and services, was previously a subsidiary of Dechra Pharmaceuticals Plc, therefore the acquisition had been subject to approval by Dechra shareholders.
Approval has since taken place and Patterson Companies acquired all of the outstanding shares of NVS on Friday, August 16 for the sum of £87.5 million.
"Over the past several years, we have seen the strength of Patterson's platform and global network continue to grow. With this acquisition, we will further extend our footprint and increase shareholder value," said Scott Anderson, chairman and chief executive officer of Patterson Companies.
George Henriques, president of Patterson Veterinary, added: "We are excited to have NVS and the Labs Business join the Patterson group, and are enthused by this unique opportunity to create a powerful global franchise with best-in-class client service in the veterinary market.
"We see strong growth opportunities as the consumers continue to increase the amount they spend on their pets," he continued.
"There are numerous benefits to this transaction, including NVS's long-standing relationships in the UK and other markets, their cutting edge customer-facing technology, operational efficiencies and strong operating cash flows."
Patterson Companies supplies to the dental, companion animal veterinary and rehabilitation markets. The firm intends to build its value-added model in the veterinary market with the newly-aquired NVS.
Two independent vets have launched a podcast to help owners strengthen their bond with pets. Dr Maggie Roberts and Dr Vanessa Howie, who have worked in both veterinary practice and major charities, are keen to use their experience to enable people to give pets a better life.
