Another day, another acquisition of a company with annual revenues in the $40 million range.
Just one day after announcing the acquisition of a majority share of Pennsylvania-based animal-health software maker Vetstreet, Melville healthcare products distributor Henry Schein Inc. has announced the acquisition of a 90 percent ownership share of Dental Trey, an Italian distributor of dental consumables and equipment.
The deal is expected to close by the end of the year, according to Henry Schein, and as was the case with the Vetstreet acquisition – which gives the Melville company an 80.1 percent ownership share and is expected to close in early 2016 – the terms were not disclosed.
Dental Trey, which reported sales of about $49 million for the 12 months ended June 30, marks the latest international acquisition for Henry Schein, which over the past 18 months has picked up majority stakes in Massachusetts-based equine-supplement manufacturer SmartPak (May 2014) and Germany’s Scil Animal Care Co. (January); a 50 percent ownership share of Romanian animal-health products distributor Maravet (April); and an 85 percent share of Jorgen Kruuse A/S, a Scandinavian veterinary-products distributor with $90 million in 2014 sales (the acquisition was completed in September).
To further balance its animal health and dental focuses, Henry Schein even made a $1.25 million gift in October to the American College of Prosthodontists Education Foundation, to help develop cutting-edge computer-aided design curriculums for dental schools.
Now add Dental Trey to the mix. Founded in 1981, the company offers more than 33,000 branded products and a line of private-label products to dental practices across Italy from its headquarters and distribution center in Fiumana di Predappio. The company also offers a proprietary dental practice-management software system, currently used in more than 1,100 Italian dental offices, according to Henry Schein.
All of Dental Trey’s roughly 200 employees are expected to remain in the Henry Schein fold, including founding-family members Silvia Coli, who will serve as Dental Trey’s managing director in the Henry Schein hierarchy, and Roberta Coli, who will continue to serve on the Dental Trey Board of Directors.
Dental Trey operations will be directed through Henry Schein Krugg, the Melville company’s existing Italian subsidiary. Citing more than a decade of business success in Italy, CEO and board Chairman Stanley Bergman noted Henry Schein has had its eye on Dental Trey for some time.
“We have long been impressed with Dental Trey’s excellent market reputation, broad product offering and commitment to forging longstanding customer relationships,” Bergman said.
Silvia Coli called the acquisition “an important strategic decision” that supports Dental Trey’s “growth aspirations, while also ensuring our customers remains the focus.”
“We look forward to exchanging best practices with Henry Schein and becoming an even more valuable partner to dentists in Italy,” she said, including “enhanced offerings of products and services.”
Henry Schein’s global dental division now includes more than 2,500 dedicated sales consultants and product specialists. The dental business reported 2014 sales of approximately $5.4 billion.
Including its animal-health and human healthcare-related operations, Henry Schein now has operations or affiliations in 33 countries overall. Self-billed as “the world’s largest provider of healthcare products and services to office-based dental, animal health and medical practitioners,” the Fortune 500 firm is Long Island’s largest public company ranked by revenue, with $10.4 billion in global sales reported in 2014.