Henry Schein (Nasdaq:HSIC) announced today that it completed its previously announced acquisition of Condor Dental Research Company.
Melville, New York-based Henry Schein announced the acquisition, for which financial terms were not disclosed, a month ago on June 7. It acquired Condor from MCCB Holding Sarl and expects the transaction to be neutral to its 2022 diluted earnings per share and accretive thereafter.
The company has served the Swiss dental implant market through Camlog Biotechnologies GmbH, a member of the Global Oral Reconstruction Group (a Basel, Switzerland-based division of the company). Through its acquisition of Condor Dental, the company aims to expand its entry into the Swiss market for dental distribution.
Condor Dental, which brings in most of its revenues from dental consumable merchandise, reported sales of approximately $18 million in 2021. Now that the acquisition has closed, the company will join Henry Schein’s international distribution group and will continue to operate under COO Yves Mailliard’s lead.
“Our partnership comes at a time of growing demand for dental services in Switzerland and with the completion of our strategic investment in Condor Dental, we see a significant opportunity to help dental practitioners provide high-quality care as part of operating efficient and successful practices,” Chair and CEO Stanley M. Bergman said in a news release. “We at Henry Schein welcome our new Condor Dental colleagues and we look forward to bringing new products, services, and solutions to the Swiss dental community.”
Andrea Albertini, president of Henry Schein’s international distribution group, added that Condor Dental “nicely complements our European dental business,” with the support of Henry Schein set to resource Condor and strengthen its position in the market.
“We are extremely pleased to complete our partnership with Henry Schein, a company that shares our commitment to providing our customers with the tools and solutions they need to deliver quality care to patients,” Mailliard said. “As part of the Henry Schein family, Condor Dental has several exciting opportunities to accelerate organic growth including geographic expansion, leveraging Henry Schein’s private-label products, and accelerating participation in the digitalization of dental practices.
Along with expanding our customer base, we also look forward to increasing Condor Dental’s existing customer base while facilitating excellent patient care and improving practice profitability.”