Henry Schein said today that it closed its acquisition of survivability and casualty-care medical product maker North American Rescue.
The Melville, N.Y.-based company said that NAR reported sales of approximately $184 million for the 12 months ended October 31, 2018. The company said that it expects the acquisition to be neutral to its 2019 earnings per share and accretive afterwards.
“North American Rescue is a highly regarded, fast-growing company that nicely complements our existing medical business, and we are delighted to have completed this merger. The addition of NAR advances our goal of gaining market share and adding knowledgeable management and expertise in the critically important defense and civilian markets around the globe. We welcome our new colleagues to Team Schein and look forward to continued success together,” chair & CEO Stanley Bergman said in a prepared statement.
The newly acquired business will join Henry Schein Medical, its U.S. medical business. Current management, including CEO Bob Castellani, will continue to lead the team, the company added.
“By joining forces with Henry Schein, NAR will have access to the resources and capital necessary to accelerate our growth in the dynamic and highly competitive defense and public-safety markets. We look forward to being a part of a Fortune 500® company with global reach. It is extremely gratifying for us to continue to reinvest in our business and to help the local economy grow by giving back to the communities where we live and work,” Castellani said in a press release.
Henry Schein did not disclose terms of the acquisition.
Last month, shares in Henry Schein fell after the medical device maker posted fourth quarter and full year 2018 earnings that beat earnings per share expectations but missed on revenue consensus.
Date: March 11, 2019