Henry Schein, Inc. (Nasdaq: HSIC) and Vets First Choice today announced that the new standalone public company that will result from the planned spin-off of the Henry Schein Animal Health business and the subsequent merger with Vets First Choice will be named Covetrus.
The transaction is expected to be completed in the first quarter of 2019.
The new company, Covetrus, will be a global, technology-enabled animal health business supporting the companion, equine and large-animal veterinary markets. Covetrus will combine leading practice management software, prescription management, multi-channel client engagement services, and supply chain infrastructure to promote connectivity between veterinarians and their clients.
Covetrus will employ more than 5,000 team members across approximately 25 countries, delivering integrated solutions to help veterinary practices to improve the economics and workflow of their businesses and enhance the client experience. The business will have approximately 100,000 customers across major geographic regions, including North America, Europe, Australasia and South America.
Covetrus reflects the company’s deep partnership with the veterinary community and its efforts to “Advance the World of Veterinary Medicine.” “Co-” highlights working together as partners, anchored by “vet” at the center of what the company will do, and “-us” reinforces the notion of a team of professionals who will serve as an extension of the veterinary practice.
“It was important to create a new brand and new name that demonstrates our long-term commitment for veterinary practice customers to always be at the center of our business. We are committed ‘To Advancing the World of Veterinary Medicine’ by empowering our customers with compelling new capabilities and services to drive new health and financial outcomes to ensure their continued success,” said Benjamin Shaw, Founder and CEO of Vets First Choice. “Covetrus reflects the excitement around our unique capabilities and differentiated value proposition that this combined entity will deliver to veterinary customers across the globe.”
The two companies also announced today the proposed executive leadership team of Covetrus.
As previously announced, Benjamin Shaw will become CEO of the combined company and serve as a member of the Board of Directors. The executive leadership team of Covetrus will include:
- Christine T. Komola, Executive Vice President and Chief Financial Officer
- Erin Powers Brennan, Senior Vice President, General Counsel and Secretary
- Russell Cooke, Senior Vice President and Operational Chief Financial Officer
- Francis X. Dirksmeier, Senior Vice President and President, North America
- David Christopher Dollar, Senior Vice President and President, Software and Services
- Michael Ellis, Senior Vice President and President, Europe
- David Hinton, Senior Vice President and President, APAC and Emerging Markets
- Timothy Ludlow, Senior Vice President and Chief Transformation Officer
- Anthony Providenti, Senior Vice President, Corporate Development
- Georgina Wraight, Senior Vice President and President, Vets First Choice
- James Young, Senior Vice President and Chief Human Resources Officer
“This is an impressive and talented leadership team, and we are honored to lead this soon-to-be new independent organization,” said Shaw. “This executive team will ensure strong continuity of leadership across all lines of business and geography and includes new talent to facilitate a smooth transition into an independent public company. Importantly, our team is committed to meeting and exceeding the expectations of our customers.”
Henry Schein Animal Health and Vets First Choice will continue to operate as two independent, separate organizations prior to the closing of the transaction.
In connection with the proposed transaction, Covetrus plans to file relevant materials with the U.S. Securities and Exchange Commission (“SEC”), including a registration statement on Form S-1/S-4 containing a prospectus. Investors and security holders are urged to carefully read the registration statement/prospectus (including any amendments or supplements thereto and any documents incorporated by reference therein) and any other relevant documents filed with the SEC when they become available, because they will contain important information about the parties and the proposed transaction. The registration statement/prospectus and other relevant documents that are filed with the SEC can be obtained free of charge (when available) from the SEC's web site at www.sec.gov. These documents can (when available) also be obtained free of charge from Henry Schein, Inc. upon written request to Carolynne Borders at Henry Schein, Inc., 135 Duryea Road, Melville, NY 11747. This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.