Just a week after brushing up its dental prospects, Henry Schein is expanding its animal kingdom.
The Melville-based healthcare products distributor announced Monday that it has acquired a majority share of Vetstreet, a Pennsylvania-based provider of marketing and analytics software for veterinary practices and animal health-product manufacturers. Terms of the deal were not disclosed, though Henry Schein is expected to control 80.1 percent of the SaaS provider when the transaction closes in early 2016.
The deal comes just a week after Henry Schein announced a $1.25 million gift to the American College of Prosthodontists Education Foundation to develop next-gen computer-aided design curriculum for dental schools.
It also continues Henry Schein’s recent acquisition streak, which dates back to the May 2014 acquisition of a majority stake in Massachusetts-based equine-supplement manufacturer SmartPak. Since then, the company has been on an international tear, securing a majority stake in Germany’s Scil Animal Care Co. in January and 50 percent ownership of Romanian animal-health distributor Maravet in April.
In June, it announced the acquisition of an 85 percent share of Jorgen Kruuse A/S, a Scandinavian veterinary products distributor with $90 million in 2014 sales. That deal, which left 15 percent of the circa-1896 Nordic stalwart in the hands of the Kruuse family, closed Sept. 1.
Henry Schein now has animal-health operations in 23 countries and operations or affiliations in 33 nations overall.
Vetstreet offers an integrated suite of online and offline products that improve communications between veterinarians and pet owners and promote wellness compliance.
The tech firm’s business is focused on three primary products: custom-designed professional services including marketing programs and data analytics for veterinarians and animal-health product manufacturers; HealthyPet magazine, delivered to pet owners as part of a premier wellness-promotion system that also features postcard reminders; and the consumer website vetstreet.com, a fast-growing pet-owner hub featuring news, healthcare advice and other pet-health content, now registering over 3 million monthly visits.
Founded in 2008, Vetstreet reported 2014 sales of $43 million, ranking it among the leading providers of animal-health marketing and information solutions – a “nice complement” to Henry Schein’s existing animal-health businesses that will expand the Melville parent’s marketing solutions and provide better communications with veterinary clients, according to Henry Schein CEO and board Chairman Stanley Bergman.
“Vetstreet’s services create a continuity of communication with pet owners that builds customer loyalty, improves care through better compliance and improves the health of veterinary practices,” Bergman said. “We look forward to multiple opportunities for business synergies.”
Vetstreet founder and President Derrick Kraemer will continue to lead the company’s Yardley, Pa. operations, and the company’s 100-person staff is expected to remain intact. Kraemer noted his startup’s excitement at joining Team Schein, which he called a market innovator and “the leader in serving the evolving needs of animal-health professionals.”
“We look forward to Vetstreet having an opportunity to expand and enhance its offerings to better serve the unique and changing needs of veterinary customers,” he said.
Self-billed as “the world’s largest provider of healthcare products and services to office-based dental, animal health and medical practitioners,” Henry Schein is Long Island’s largest public company ranked by revenue.
The Fortune 500 firm, a member of the S&P 500 and Nasdaq 100 stock indexes, posted $10.4 billion in global sales in 2014, including $2.9 billion in global sales of animal-health-related products.