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Patterson Companies, Inc. Shareholders Approve Acquisition by Patient Square Capital

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Patterson Companies (NASDAQ: PDCO), a specialty distributor in dental and animal health supply markets across the U.S., Canada, and U.K., has received shareholder approval for its acquisition by Patient Square Capital, a healthcare investment firm. Under the merger agreement dated December 10, 2024, shareholders will receive $31.35 in cash per share.

The transaction, expected to close later this month subject to customary conditions, will transform Patterson into a private company, delisting from NASDAQ. CEO Don Zurbay expressed gratitude to shareholders and enthusiasm for the partnership, stating it will enable continued investment in customer service, business growth, and strategic priorities.

Patterson Companies (NASDAQ: PDCO), un distributore specializzato nei mercati delle forniture dentali e per la salute animale negli Stati Uniti, Canada e Regno Unito, ha ricevuto l'approvazione degli azionisti per la sua acquisizione da parte di Patient Square Capital, una società di investimento nel settore sanitario. Ai sensi dell'accordo di fusione datato 10 dicembre 2024, gli azionisti riceveranno $31,35 in contante per azione.

La transazione, prevista per chiudere entro la fine di questo mese, soggetta a condizioni consuete, trasformerà Patterson in una società privata, con conseguente delisting da NASDAQ. Il CEO Don Zurbay ha espresso gratitudine agli azionisti e entusiasmo per la partnership, affermando che consentirà un continuo investimento nel servizio clienti, nella crescita aziendale e nelle priorità strategiche.

Patterson Companies (NASDAQ: PDCO), un distribuidor especializado en los mercados de suministros dentales y de salud animal en EE. UU., Canadá y Reino Unido, ha recibido la aprobación de los accionistas para su adquisición por parte de Patient Square Capital, una firma de inversión en salud. Según el acuerdo de fusión fechado el 10 de diciembre de 2024, los accionistas recibirán $31.35 en efectivo por acción.

Se espera que la transacción se cierre a finales de este mes, sujeta a condiciones habituales, transformando a Patterson en una empresa privada, con la consiguiente exclusión de NASDAQ. El CEO Don Zurbay expresó su gratitud a los accionistas y entusiasmo por la asociación, afirmando que permitirá continuar invirtiendo en el servicio al cliente, el crecimiento empresarial y las prioridades estratégicas.

패터슨 컴퍼니(Patterson Companies) (NASDAQ: PDCO)는 미국, 캐나다, 영국의 치과 및 동물 건강 공급 시장에서 전문 유통업체로, Patient Square Capital라는 의료 투자 회사에 의해 인수되는 것에 대해 주주들의 승인을 받았습니다. 2024년 12월 10일에 체결된 합병 계약에 따라 주주들은 주당 $31.35의 현금을 받게 됩니다.

이번 거래는 관례적인 조건이 충족될 경우 이달 말에 마무리될 것으로 예상되며, 패터슨은 NASDAQ에서 상장 폐지되어 사기업으로 전환됩니다. CEO 돈 주르베이(Don Zurbay)는 주주들에게 감사의 뜻을 전하며 파트너십에 대한 기대감을 표시하며, 고객 서비스, 비즈니스 성장 및 전략적 우선 사항에 대한 지속적인 투자를 가능하게 할 것이라고 밝혔습니다.

Patterson Companies (NASDAQ: PDCO), un distributeur spécialisé sur les marchés des fournitures dentaires et de santé animale aux États-Unis, au Canada et au Royaume-Uni, a reçu l'approbation des actionnaires pour son acquisition par Patient Square Capital, une société d'investissement dans le secteur de la santé. Selon l'accord de fusion daté du 10 décembre 2024, les actionnaires recevront 31,35 $ en espèces par action.

La transaction, qui devrait être finalisée plus tard ce mois-ci sous réserve de conditions habituelles, transformera Patterson en une entreprise privée, entraînant son retrait de NASDAQ. Le PDG Don Zurbay a exprimé sa gratitude envers les actionnaires et son enthousiasme pour le partenariat, affirmant que cela permettra de continuer à investir dans le service client, la croissance de l'entreprise et les priorités stratégiques.

Patterson Companies (NASDAQ: PDCO), ein spezialisierter Distributor im Bereich Zahn- und Tiergesundheitsversorgung in den USA, Kanada und dem Vereinigten Königreich, hat die Zustimmung der Aktionäre für seine Übernahme durch Patient Square Capital, eine Gesundheitsinvestitionsfirma, erhalten. Gemäß dem am 10. Dezember 2024 datierten Fusionsvertrag werden die Aktionäre 31,35 $ in bar pro Aktie erhalten.

Die Transaktion, die voraussichtlich noch in diesem Monat unter üblichen Bedingungen abgeschlossen wird, wird Patterson in ein privates Unternehmen umwandeln und von NASDAQ delisten. CEO Don Zurbay drückte seine Dankbarkeit gegenüber den Aktionären aus und zeigte sich begeistert von der Partnerschaft, die es ermöglichen wird, weiterhin in den Kundenservice, das Unternehmenswachstum und strategische Prioritäten zu investieren.

Positive
  • All-cash transaction providing immediate liquidity for shareholders
  • Strategic partnership with healthcare-focused investment firm
  • Opportunity for accelerated growth and business investment as private company
Negative
  • Shareholders lose potential future upside as stock gets delisted
  • Loss of public market access for capital raising
  • Reduced transparency as company goes private

ST. PAUL, Minn.--(BUSINESS WIRE)-- Patterson Companies, Inc. (NASDAQ: PDCO), a value-added specialty distributor serving the U.S. and Canadian dental supply markets and the U.S., Canadian and U.K. animal health supply markets, today announced that its shareholders approved at a special meeting the acquisition of Patterson by Patient Square Capital, a dedicated health care investment firm.

Don Zurbay, Patterson’s President and Chief Executive Officer, said, “I would like to express my gratitude to the Patterson shareholders for their support today, and throughout this transaction process. The Patterson team is excited about this partnership with Patient Square Capital and beginning our next chapter as a private company. We believe this collaboration will enable us to continue to invest in serving our customers and our business, accelerate our growth, and be well-positioned to achieve our strategic priorities.”

The final voting results will be reported in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.

Under the terms of the Agreement and Plan of Merger dated December 10, 2024 (the “Merger Agreement”), in connection with the merger contemplated thereby, Patterson shareholders will receive $31.35 in cash per share of common stock. Patterson expects the transaction to close later this month, subject to the satisfaction of certain customary closing conditions set forth in the Merger Agreement. Upon completion of the transaction, Patterson will become a privately held company, and its common stock will no longer be traded on the NASDAQ Global Select Market®.

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 is equaled only by our dedicated, knowledgeable people who deliver unrivalled expertise and unmatched customer service and support. Learn more: www.pattersoncompanies.com, www.animalhealthinternational.com

About Patient Square Capital

Patient Square Capital is a dedicated health care investment firm with approximately $12 billion in assets under management as of December 31, 2024. The firm aims to achieve strong investment returns by partnering with growth-oriented companies and top-tier management teams whose products, services, and technologies improve health. Patient Square utilizes deep industry expertise, a broad network of relationships, and a partnership approach to make investments in companies that will grow and thrive. Patient Square invests in businesses that strive to improve patient lives, strengthen communities, and create a healthier world. For more information, visit www.patientsquarecapital.com.

Forward-Looking Statements

This report contains statements that are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include information concerning the proposed Merger and the ability to consummate the proposed Merger, our liquidity and our possible or assumed future results of operations, including descriptions of our business strategies. These statements often include words such as “believe,” “expect,” “project,” “potential,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecasts” or similar words. These statements are based on certain assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. We believe these assumptions are reasonable, but you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent releases or reports. These statements involve risks, estimates, assumptions, and uncertainties that could cause actual results to differ materially from those expressed in these statements and elsewhere in this report. These uncertainties include, but are not limited to, the inability to consummate the Merger within the anticipated time period, or at all, due to any reason, including the failure to obtain required regulatory approvals, satisfy the other conditions to the consummation of the Merger or complete necessary financing arrangements; the risk that the Merger disrupts our current plans and operations or diverts management’s attention from its ongoing business; the effects of the Merger on our business, operating results, and ability to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom we do business; the risk that our stock price may decline significantly if the Merger is not consummated; the nature, cost and outcome of any legal proceedings related to the Merger; our dependence on suppliers to manufacture and supply substantially all of the products we sell; potential disruption of distribution capabilities, including service issues with third-party shippers; our dependence on relationships with sales representatives and service technicians to retain customers and develop business; risks of selling private label products, including the risk of adversely affecting our relationships with suppliers; adverse changes in supplier rebates or other purchasing incentives; the risk of technological and market obsolescence for the products we sell; the risk of failing to innovate and develop new and enhanced software and e-services products; our dependence on positive perceptions of Patterson’s reputation; risks associated with illicit human use of pharmaceutical products we distribute; risks inherent in acquiring and disposing of assets or other businesses and risks inherent in integrating acquired businesses; turnover or loss of key personnel or highly skilled employees; risks associated with information systems, software products and cyber-security attacks; risks inherent in our growing use of artificial intelligence systems to automate processes and analyze data; adverse impacts of wide-spread public health concerns as we experienced with the COVID-19 pandemic and may experience in the future; risks related to climate change; our ability to comply with restrictive covenants and other limits in our credit agreement; the risk that our governing documents and Minnesota law may discourage takeovers and business combinations; the effects of the highly competitive dental and animal health supply markets in which we compete; the effects of consolidation within the dental and animal health supply markets; risks from the formation or expansion of GPOs, provider networks and buying groups that may place us at a competitive disadvantage; exposure to the risks of the animal production business, including changing consumer demand, the cyclical livestock market, weather conditions, the availability of natural resources and other factors outside our control, and the risks of the companion animal business, including the possibility of disease adversely affecting the pet population; exposure to the risks of the health care industry, including changes in demand due to political, economic and regulatory influences and other factors outside our control; increases in over-the-counter sales and e-commerce options; risks of litigation and government inquiries and investigations, including the diversion of management’s attention, the cost of defending against such actions, the possibility of damage awards or settlements, fines or penalties, or equitable remedies (including but not limited to the revocation of or non-renewal of licenses) and inherent uncertainty; failure to comply with health care fraud or other laws and regulations; change and uncertainty in the health care industry; failure to comply with existing or future U.S. or foreign laws and regulations including those governing the distribution of pharmaceuticals and controlled substances; failure to comply with evolving data privacy laws and regulations; tax legislation; risks inherent in international operations, including currency fluctuations; and uncertain macro-economic conditions, including inflationary pressures. The foregoing review of important factors that could cause actual results to differ from expectations should not be construed as exhaustive and should be read in conjunction with the information contained or incorporated by reference in our Annual Report on Form 10-K for the year ended April 27, 2024 filed with the SEC on June 18, 2024, our definitive proxy statement for our 2024 annual meeting of shareholders filed with the SEC on August 2, 2024, our definitive proxy statement for our 2025 special meeting of shareholders filed with the SEC on February 27, 2025 and our recent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The information contained in this report is made only as of the date hereof, even if subsequently made available on our website or otherwise.

CONTACT: John M. Wright, Investor Relations

TEL: 651.686.1364

EMAIL: john.wright@pattersoncompanies.com

WEB: pattersoncompanies.com

SOURCE: Patterson Companies Inc.

CONTACT: Corporate Communications

TEL: 651.905.3349

EMAIL: corporate.communications@pattersoncompanies.com

WEB: pattersoncompanies.com

SOURCE: Patterson Companies Inc.

Source: Patterson Companies, Inc.

FAQ

What is the acquisition price per share for Patterson Companies (PDCO) by Patient Square Capital?

Patterson Companies shareholders will receive $31.35 in cash per share under the merger agreement.

When will Patterson Companies (PDCO) be delisted from NASDAQ?

Patterson Companies will be delisted from NASDAQ upon the transaction's completion, expected later this month.

What markets does Patterson Companies (PDCO) currently serve?

Patterson Companies serves dental supply markets in the U.S. and Canada, and animal health supply markets in the U.S., Canada, and U.K.

What happens to PDCO shareholders after the Patient Square Capital acquisition?

Shareholders will receive $31.35 in cash per share, and the company will become privately held.
Patterson Cos Inc

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Medical Distribution
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United States
ST PAUL