Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical practitioners, today announced the acquisition of a majority equity stake in Cliniclands, an innovative distributor serving dental practices throughout Sweden, Denmark, and Norway. Based in Trelleborg, Sweden, Cliniclands represents the first presence of Henry Schein Dental in Scandinavia and offers a wide range of dental consumables, implants, prosthetic and orthodontic solutions as well as small and office equipment. Cliniclands had sales for the 12 months ended March 31, 2019, of approximately $9.5 million.
With the addition of Cliniclands, Henry Schein now has operations in 32 countries around the world. Henry Schein expects this transaction will be neutral to 2019 earnings per diluted share and accretive thereafter. The three founders – Falk Andersson, Chief Executive Officer, Niklas Schori, Chief Operating Officer, and Daniel Skoglund, Head of Sales – will continue to lead the business and own the remaining equity stake in Cliniclands, which Henry Schein may acquire under various options after the next three and five years. Financial terms were not disclosed.
“Cliniclands is a rapidly growing, successful company built upon a valuable business model,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “We are delighted to partner with the co-founders and the entire Cliniclands team. Our two companies have a shared commitment to the use of advanced technology to help our customers run successful, profitable businesses. We expect to achieve meaningful operating synergies and category expansion while expediting the delivery of products to Scandinavian dental customers.”
“We are especially excited to partner with Henry Schein and work together to bring new services and solutions to the Scandinavian dental community,” said Falk Andersson. “Our partnership with Henry Schein represents a new chapter for our customers, who will continue to receive the high quality service upon which they’ve come to rely, but with the added benefit of accessing a network of expert advisors with an in-depth knowledge of clinical businesses and a dedication of helping practitioners grow their dental practices.”
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“We are delighted to be expanding across Scandinavia with Cliniclands,” said Andrea Albertini, Vice President, EMEA Dental Group and International Equipment Business, Henry Schein. “Our partnership comes at a time of growing demand for dental services in the European market. With the completion of our strategic investment, we see a significant opportunity to bring technology and value-added solutions to the market as well as expand the breadth of products and services available to Cliniclands’ customers.”
Date: August 13, 2019
Source: Business Wire
