MELVILLE, N.Y.--(BUSINESS WIRE)--Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical practitioners, today announced it has completed the acquisition of Condor Dental Research Company SA (Condor Dental), a dental distribution company that serves dental general practitioners, specialists, and laboratories in Switzerland. The transaction was announced on June 7, 2022.
Henry Schein acquired 100% of Condor Dental from MCCB II Holding, owned by Christèle Herreman. This transaction is expected to be neutral to Henry Schein’s 2022 diluted earnings per share and to be accretive thereafter. Financial terms were not disclosed.
Since 2004, Henry Schein has served the Swiss dental implant market through Camlog Biotechnologies GmbH, a Basel-based division of Henry Schein, Inc., a member of the Company’s Global Oral Reconstruction Group, and a global leader in dental implants, biomaterials, and oral reconstruction. The addition of Condor Dental will expand Henry Schein’s entry into the Swiss market for its dental distribution business.
“Our partnership comes at a time of growing demand for dental services in Switzerland and with the completion of our strategic investment in Condor Dental, we see a significant opportunity to help dental practitioners provide high-quality care as part of operating efficient and successful practices," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “We at Henry Schein welcome our new Condor Dental colleagues and we look forward to bringing new products, services, and solutions to the Swiss dental community."
Condor Dental is based in Vouvry, Switzerland, and was established in 1978. Sales for 2021 were approximately $18 million, the majority of which were from dental consumable merchandise, with further revenue from the design and customization of dental practices and dental laboratory installations. With the transaction closed, Condor Dental joins Henry Schein’s International Distribution Group, and the business will continue to be led by Yves Mailliard, Condor’s Chief Operating Officer.
“We are extremely pleased to complete our partnership with Henry Schein, a company that shares our commitment to providing our customers with the tools and solutions they need to deliver quality care to patients,” said Mr. Mailliard. “As part of the Henry Schein family, Condor Dental has several exciting opportunities to accelerate organic growth including geographic expansion, leveraging Henry Schein’s private-label products, and accelerating participation in the digitalization of dental practices. Along with expanding our customer base, we also look forward to increasing Condor Dental’s existing customer base while facilitating excellent patient care and improving practice profitability.”
“A highly regarded company that has been serving dental professionals for more than 40 years, Condor Dental nicely complements our European dental business,” said Andrea Albertini, President of Henry Schein’s International Distribution Group. “With the support of Henry Schein’s operational expertise, Condor Dental will be better resourced to strengthen its position in the marketplace and improve the level of services and solutions offered to dental practitioners.”
About Henry Schein, Inc.
Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for health care professionals powered by a network of people and technology. With nearly 22,000 Team Schein Members worldwide, the Company's network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that help improve operational success and clinical outcomes. Our Business, Clinical, Technology, and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental laboratories, government and institutional health care clinics, as well as other alternate care sites.
Henry Schein operates through a centralized and automated distribution network, with a selection of more than 120,000 branded products and Henry Schein private-brand products in stock, as well as more than 180,000 additional products available as special-order items.
A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in Melville, N.Y., and has operations or affiliates in 32 countries and territories. The Company's sales reached $12.4 billion in 2021, and have grown at a compound annual rate of approximately 12.5 percent since Henry Schein became a public company in 1995.
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Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: risks associated with COVID-19 and any variants thereof, as well as other disease outbreaks, epidemics, pandemics, or similar wide-spread public health concerns and other natural disasters; our dependence on third parties for the manufacture and supply of our products; our ability to develop or acquire and maintain and protect new products (particularly technology products) and technologies that achieve market acceptance with acceptable margins; transitional challenges associated with acquisitions, dispositions and joint ventures, including the failure to achieve anticipated synergies/benefits; financial and tax risks associated with acquisitions, dispositions and joint ventures; certain provisions in our governing documents that may discourage third-party acquisitions of us; effects of a highly competitive (including, without limitation, competition from third-party online commerce sites) and consolidating market; the repeal or judicial prohibition on implementation of the Affordable Care Act; changes in the health care industry; risks from expansion of customer purchasing power and multi-tiered costing structures; increases in shipping costs for our products or other service issues with our third-party shippers; general global and domestic macro-economic and political conditions, including inflation, deflation and changes to other economic indicators, international trade agreements, potential trade barriers and terrorism; failure to comply with existing and future regulatory requirements; risks associated with the EU Medical Device Regulation; failure to comply with laws and regulations relating to health care fraud or other laws and regulations; failure to comply with laws and regulations relating to the collection, storage and processing of sensitive personal information or standards in electronic health records or transmissions; changes in tax legislation; risks related to product liability, intellectual property and other claims; litigation risks; new or unanticipated litigation developments and the status of litigation matters; risks associated with customs policies or legislative import restrictions; cyberattacks or other privacy or data security breaches; risks associated with our global operations; our dependence on our senior management, employee hiring and retention, and our relationships with customers, suppliers and manufacturers; and disruptions in financial markets. The order in which these factors appear should not be construed to indicate their relative importance or priority.
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