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Patterson Companies, Inc. (NASDAQ: PDCO) has announced its agreement to acquire assets of Relief Services for Veterinary Practitioners and Animal Care Technologies (RSVP and ACT), a Texas-based company. This acquisition aims to bolster Patterson Veterinary's service offerings through innovative solutions, including data extraction, staffing, and training services. The integration of RSVP and ACT is expected to enhance Patterson's value-add platform and align with its strategic goal of driving profitable growth. The deal is projected to close in the third fiscal quarter of FY2023.
Positive
Acquisition expands Patterson Veterinary's offerings with innovative services.
Integration of RSVP and ACT is expected to strengthen Patterson's value-add platform.
The deal aligns with Patterson's strategic focus on profitable growth and shareholder value.
Negative
None.
Transaction to Expand Patterson Veterinary Capabilities and Offerings
ST. PAUL, Minn.--(BUSINESS WIRE)--
Patterson Companies, Inc. (Nasdaq: PDCO), today announced that it has, through a subsidiary, signed an agreement to acquire substantially all of the assets of Relief Services for Veterinary Practitioners and Animal Care Technologies (RSVP and ACT), a Texas-based company that provides innovative solutions to veterinary practices through data extraction and conversion, staffing and video-based training services. Upon closing, the acquisition expects to expand Patterson Veterinary’s value-add platform by adding these solutions to their suite of offerings.
RSVP and ACT is a privately held company founded in 1992. The acquired business will be integrated into Patterson Veterinary’s existing operations with integration of RSVP and ACT employees into the Patterson Veterinary team.
According to Kevin Pohlman, president of Patterson Animal Health, “RSVP and ACT have a specific set of offerings that are very attractive to Patterson Veterinary. These capabilities, coupled with its strong reputation among veterinarians, aligns with our vision of being an indispensable partner for our customers. In addition to building upon Patterson Veterinary’s strong suite of offerings, this acquisition illustrates Patterson’s focus on making strategic investments to drive profitable growth and create shareholder value.”
RSVP and ACT President Dr. David Grant stated, “We are excited about joining the Patterson Veterinary team and broadening the resources available to our respective customers. We have long admired Patterson Vet as a leading value-add provider to the companion animal market.”
George Henriques, president of Patterson Veterinary Supply, added that “in addition to strengthening our core offerings, the acquisition will expand and enhance our operating team. We welcome our new colleagues to the Patterson team and look forward to continued success together.”
Terms of the transaction are not being disclosed. Patterson expects to close the transaction during its third fiscal quarter of FY2023.
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.
This press release contains, and our officers and representatives may from time to time make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, and the objectives and expectations of management. Forward-looking statements often include words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “seeks” or words of similar meaning, or future or conditional verbs, such as “will,” “should,” “could” or “may.” Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Any number of factors could affect our actual results and cause such results to differ materially from those contemplated by any forward-looking statements, including, but not limited to, the following: the COVID-19 pandemic and measures taken in response thereto; uncertain macro-economic conditions, including inflationary pressures; our dependence on relationships with sales representatives and service technicians to retain customers and develop business; potential disruption of distribution capabilities, including service issues with third-party shippers; our dependence on suppliers to manufacture and supply substantially all of the products we sell; the risk of the products we sell becoming obsolete or containing undetected errors; adverse changes in supplier rebates or other purchasing incentives; the risk that private label sales could adversely affect our relationships with suppliers; our dependence on positive perceptions of Patterson’s reputation; risks inherent in acquiring and disposing of assets or other businesses and the risks inherent in integrating acquired businesses; our ability to comply with restrictive covenants in our credit agreement; turnover or loss of key personnel or highly skilled employees; the risk that our governing documents and Minnesota law may discourage takeovers and business combinations; risks related to climate change; the effects of the highly competitive and consolidating dental and animal health supply markets in which we compete; exposure to the risks of the animal production business, including changing consumer demand, the cyclical livestock market, and other factors outside our control, and the risks of the companion animal business, including the possibility of disease adversely affecting the pet population; risks from the formation or expansion of GPOs, provider networks and buying groups that may shift purchasing decisions and place us at a competitive disadvantage; increases in over-the-counter sales and e-commerce options for companion animal products or sales of companion animal products from non-veterinarian sources; 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 health care fraud or other laws and regulations; litigation risks, 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 evolving data privacy laws and regulations; tax legislation; the risks inherent in international operations, including currency fluctuations; and risks associated with information systems, software products and cyber-security attacks. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. You should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in our most recent Form 10-K and information which may be contained in our other filings with the U.S. Securities and Exchange Commission, or SEC, when reviewing any forward-looking statement. Investors should understand it is impossible to predict or identify all such factors or risks. As such, you should not consider the foregoing list, or the risks identified in our SEC filings, to be a complete discussion of all potential risks or uncertainties. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We do not undertake any obligation to release publicly any revisions to any forward-looking statements whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
