Patterson Veterinary Enters Agreement to Acquire Miller Vet Holdings
Transaction to Strengthen Regional Presence in the Companion Veterinary Market
ST. PAUL, Minn.--(BUSINESS WIRE)-- Patterson Veterinary Supply, Inc., a subsidiary of Patterson Companies, Inc. (Nasdaq: PDCO), today announced that it has signed an agreement to acquire substantially all of the assets of Miller Vet Holdings, LLC, a multiregional veterinary distributor (Miller Vet). Upon closing, the acquisition is expected to grow Patterson Animal Health’s presence in the companion animal market, drive increased operating leverage and attractive synergies, and allow Patterson to provide exceptional customer service to Miller Vet’s customers.
Miller Vet is a privately held company founded in 1920 with headquarters in West Point, Nebraska, and four distribution facilities located in the South, Southeast and East Coast. The acquired business will be integrated into Patterson Veterinary’s existing facilities and operations. In connection with the transaction, a large number of Miller Vet sales representatives are expected to join the Patterson team.
According to Kevin Pohlman, president of Patterson Animal Health, “For more than 100 years Miller Vet has built a reputation as a distributor that cares about veterinarians and their practices. Patterson shares this philosophy and the proposed acquisition of Miller Vet aligns with Patterson Animal Health’s strategic direction and plans. In addition to building upon our strong momentum in the companion animal market, this acquisition illustrates Patterson’s focus on making strategic investments to drive profitable growth and shareholder value.”
Miller Vet Holdings President and CEO Dr. David Gnad stated, “We are excited about the upcoming acquisition, as we have long admired Patterson Vet and how they provide services to the companion animal market. With Patterson Vet’s acquisition of Miller Vet, our customers will benefit from Patterson’s scale, broad product portfolio and exceptional value-added services.”
“In addition to strengthening our competitive position in the Midwest, Mid-Atlantic and Southeast markets, the acquisition is expected to expand our core sales reach and create synergies with our strategic vendors. We welcome our new colleagues to the Patterson team and look forward to continued success together,” said George Henriques, president of Patterson Veterinary Supply.
Terms of the transaction are not being disclosed. Patterson expects to close the transaction during its first fiscal quarter of FY2022.
About Patterson Companies Inc.
Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. Our comprehensive portfolio, distribution network and supply chain are equaled only by our dedicated, knowledgeable people who deliver unrivaled expertise and unmatched customer service and support.
Learn more: pattersoncompanies.com
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Source: Patterson Companies Inc.
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