Henry Schein (NSDQ:HSIC) said yesterday that it agreed to acquire a 90% stake in Italian distributor Dental Trey for an undisclosed amount.
Melville, N.Y.-based Schein said the deal, expected to close during the 4th quarter, leaves the remaining 10% share in the hands of members of Dental Trey’s founding family. The Fiumana di Predappio, Italy-based dental consumables and equipment distributor posted sales of roughly $49 million (€41 million) for the 12 months ended June 30, Schein said.
“Henry Schein has enjoyed a successful business in Italy for more than a decade. We have long been impressed with Dental Trey’s excellent market reputation, broad product offering and commitment to forging long-standing customer relationships,” chairman & CEO Stanley Bergman said in prepared remarks. “Dental Trey also shares Henry Schein’s commitment to dental education and has been a strong supporter of scientific associations working to enhance the dental profession. We look forward to welcoming the more than 200 team members of Dental Trey to Team Schein.”
Two members of Dental Trey’s founding family will stay on, Schein said. Silvia Coli is slated to become managing director and Roberta Coli is due to join the Dental Trey board.
“Joining Henry Schein is an important strategic decision that supports our growth aspirations, while also ensuring our customers remain the focus of all that we do,” Coli said. “We look forward to exchanging best practices with Henry Schein and becoming an even more valuable partner to dentists in Italy, with an enhanced offering of products and services to help practitioners operate efficient practices and deliver quality dental care.”
Schein said it expects the deal to be neutral to 2016 earnings and accretive by less than 1¢ after that.