Henry Schein to acquire majority interest In Vetstreet
Veterinary distributor plans to purchase 80 percent; remaining interest will remain with VCA.
Henry Schein Inc., a publicly held provider of products and services to veterinary practitioners, has announced that it will acquire a majority interest in Vetstreet, a client education and marketing assistance site for veterinarians. Vetstreet had sales in 2014 of about $43 million, according to a press release from Henry Schein.
The transaction is expected to close early in 2016 and will give Henry Schein 80.1 percent of Vetstreet. The remaining interest will remain with VCA Inc., its current owner. Additional financial details were not disclosed.
"Vetstreet will nicely complement our animal health businesses," says Stanley M. Bergman, chairman of the board and CEO of Henry Schein, in the release. "Vetstreet's offering will expand our practice marketing and client communication solutions, provide tools to further enhance our supplier relationships, better connect us with our veterinary customers, and help our veterinary customers better connect to their pet owner clients."
The approximately 100 members of Vetstreet will continue to be led by its current management team, including the company's founder and president Derrick Kraemer, the release says.
"As part of the Henry Schein family, we look forward to Vetstreet having an opportunity to expand and enhance its offering to better serve the unique and changing needs of veterinary customers," Kraemer says.
