JACKSONVILLE, Fla., Sept. 27, 2012 (GLOBE NEWSWIRE) -- PSS World Medical, Inc. (PSSI) announced today that it has reached a definitive agreement for the sale of its specialty dental business to Beecken Petty O'Keefe & Company ("BPOC") for a sale price of $68 million. The transaction is expected to close in October 2012, following the satisfaction of regulatory licensing requirements and other closing conditions.
David M. Bronson, Executive Vice President and Chief Financial Officer, commented, "Through a comprehensive process, we identified a buyer for our specialty dental business that has significant healthcare expertise and investment capabilities to grow this business. The proceeds from this sale, which were at the high end of our expectations, will accelerate investments to drive long-term growth in our four focused verticals -- Physician, Laboratory, Dispensing and Home Care & Hospice."
As a part of this transaction, PSS and BPOC have entered into certain agreements to ensure a seamless transition of customers and team members.
William Blair served as financial advisor for PSS World Medical.
About PSS World Medical
PSS World Medical, Inc. (PSSI) markets and distributes medical products and services to front-line caregivers throughout the United States. With 4,000 team members, PSS is a leader in the markets it serves with innovative approaches to customer service and operational excellence. Its stated purpose is to strengthen the clinical success and financial health of caregivers by solving their biggest problems. The Company is focused to accelerate growth in four markets - Physician, Laboratory, Dispensing, and Home Care & Hospice -- with products and solutions that deliver high quality, cost effective, and convenient patient care. For more information on PSS, visit www.pssworldmedical.com.
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About Beecken Petty O'Keefe & Company
Founded in 1996, Beecken Petty O'Keefe & Company is a Chicago-based private equity firm that manages approximately $1 billion of committed capital and invests exclusively in middle-market healthcare companies. Since its founding, the firm has invested in numerous healthcare outsourcing, services, provider and distribution companies through management buyouts and leverage recapitalizations. For more information on BPOC, visit www.bpoc.com.
Certain statements in this release are "forward-looking statements" made pursuant to the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "expect," "may," "will," "should," "believe," "plan," "anticipate," and "estimate" among others, and specifically include statements regarding the expiration of the exchange offer and any statements of assumptions underlying the foregoing. These statements involve a number of risks and uncertainties, many of which are outside the control of the Company. Actual results may differ materially from those identified in the forward-looking statements. Among the factors that could cause results to differ materially are the ability of the Company and BPOC to satisfy the regulatory licensing requirements and other conditions to closing the transaction, the ability of the Company to reinvest the proceeds from this sale to drive long-term growth in its four focused verticals and other factors described from time to time in the Company's reports filed with the Securities and Exchange Commission. PSS World Medical, Inc. assumes no obligation to update the information in this release except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
PSS World Medical
Vice President, Investor Relations