Henry Schein to Acquire Becker-Parkin
Posted by dentalinsider on June 4, 2007
MELVILLE, N.Y.–(BUSINESS WIRE)–Henry Schein, Inc. (Nasdaq: HSIC – News), the largest provider of healthcare products and services to office-based practitioners in the combined North American and European markets, today announced it has entered into a definitive agreement which will enable it to acquire the full-service and special markets business of Becker-Parkin Dental Supply Co., a privately held company. The transaction is expected to be completed in July. Becker-Parkin’s full-service business offers customers consumable dental products and equipment through field sales representatives, and the company’s special markets business serves corporate dental customers with multiple offices and centralized purchasing. Combined, Henry Schein estimates these two businesses will contribute approximately $40-45 million in revenue in its first full year. Henry Schein expects the acquisition to be neutral to 2007 EPS and slightly accretive to 2008 earnings. This excludes a pretax gain of approximately $2 million in 2007, which will be realized upon the disposition of certain businesses of Becker-Parkin. Terms of the transaction were not disclosed.
“This is an exciting development in the continued growth of our U.S. Dental business,” said Stanley M. Bergman, Chairman and Chief Executive Officer of Henry Schein. “This acquisition will expand and increase penetration for Sullivan-Schein Dental in key markets, including New York, Florida and Arizona, as well as continued leveraging of our existing infrastructure. We look forward to welcoming the approximate 25 full-service and special markets sales representatives of Becker-Parkin to Henry Schein.”About Becker-Parkin Dental Supply Co.
Becker-Parkin Dental Supply Co. was established over 70 years ago in New York City and grew to be a premium dental distributor serving New York City dentists. In the 1970s, the company added an equipment and service department, and began to expand its scope from regional to national. The company has grown to become one of the leading dental supply and equipment companies in the United States.