Henry Schein (NASDAQ: HSIC) announced y the completion of its 85 percent investment in Jorgen Kruuse A/S (KRUUSE), a leading distributor of veterinary supplies in the Nordic countries and a growing international provider of veterinary products and services. The transaction was announced on June 23, 2015.
KRUUSE had sales in 2014 of approximately $90 million. The remaining 15 percent of KRUUSE will be retained by the Kruuse family. Additional financial details of the transaction were not disclosed.
"We are delighted to welcome the KRUUSE team to the Henry Schein family, as we enter the Scandinavian animal health market," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. "We could not ask for a better partner in the Nordic countries. From the highly regarded line of KRUUSE-branded products and strong brand awareness to the company's high level of customer loyalty and satisfaction based on its well-deserved reputation for quality, KRUUSE has it all. The addition of KRUUSE is an important step forward in our global animal health growth strategy."
Jesper Smith, who has served as Chief Executive Officer of KRUUSE since 2009, joins Henry Schein with continuing responsibility for the KRUUSE business. Other members of the KRUUSE leadership team will also remain with the company, including Peter Eriksen Jensen, who will serve as Vice Chairman of the KRUUSE Board of Directors, and Mads Kruuse, who will serve as a member of the KRUUSE Board.
With the acquisition of KRUUSE, Henry Schein's animal health business, which had 2014 annual sales of approximately $2.9 billion, now spans 17 European countries and 23 countries globally, including Australia, Austria, Belgium, Canada, China, the Czech Republic, Denmark, France, Germany, Ireland, Italy, Malaysia, the Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Spain, Sweden, Switzerland, the United Kingdom and the United States. KRUUSE operations in Denmark, Norway and Sweden also expand Henry Schein, Inc.'s geographic presence to 33 countries.
Founded in 1896 and headquartered in Langeskov, Denmark, KRUUSE offers a comprehensive portfolio of proprietary products and branded consumable merchandise, as well as pet accessories, capital equipment and pet food to veterinary clinics and retail pet stores in Denmark, Norway and Sweden. In addition, KRUUSE has an operational presence in Poland, the United Kingdom, and China. KRUUSE also serves customers in more than 100 countries through a network of distribution partners, with particular strength across Europe and the United Kingdom. KRUUSE has approximately 250 team members.