🠈  Henry Schein  🠊

Henry Schein

Henry Schein is a distributor of products for the medical industry. The company is headquartered in Melville, NY and trades on NASDAQ with the symbol HSIC. The company had a market value exceeding $10 billion when I visited their site in 2020.

In 2018 the veterinary service division of Henry Schein merged with a company called Vets First Choice. This merged company took the name Covetrus. Held an IPO on the NASDAQ with the symbol CVET. CVET's IPO price was $40. The stock fell to $8.84 in its first year of trade. The company had $1.27 billion in debt and an estimated market value of $1.5 billion when I investigated the company in January 2020.

Corporate History

This section shows select transactions in the corporate History of Henry Schein. The company began as a pharmacy in the 1930s and began selling through the mail. They added a line of dental and veterinary products in the 1940s and switched from sales to consumers to sales to medical practices in the 1950s.

Wikipedia claimed that HSIC acquired over 200 companies between 1989 and 2016.

• 1932: Henry Schein (HS) opened a pharmacy in Queens, NY.
• 1962: HS issued the first Henry Schein catalog.
• 1985: HS acquired Zahn Dental.
• 1990: HS expanded into The Netherlands, United Kingdom, and Spain.
• 1995: HS raised $72.8 million with an IPO on Nasdaq with symbol HSIC.
• 1997: HSIC acquired Sullivan Dental Products for $318 million. This made HSIC the largest provider of dental supplies.²
• 1997: HSIC acquired Dentrix Dental Systems.
• 1997: HSIC acquired Caligor.
• 1998: HSIC acquired Regional Healthcare based in Australia.
• 1998: HSIC acauired Arcona based in Canada.
• 1998: HSIC acquired US based Meer Dental.
• 1999: HSIC acquired German-basde Heiland.
• 1999: HSIC acquired US based GIV.
• 2003: HSIC acquired Colonial Surgical.
• 2003: HSIC acquired German-based Hager Dental.
• 2004: HSIC acquired Demedis of Germany.
• 2004: HSIC acquired KRUGG of Italy.
• 2004: HSIC acquired US based Barton-Cyker Dental Supply.
• 2004: HSIC acquired Euro Dental Holding GmbH².
• 2005: HSIC acquired Ash Temple of Canada.
• 2005: HSIC acquired Halas Dental of Australia.
• 2005: HSIC acauired Shalfoon Brothers of New Zealand.
• 2006: HSIC acquired NLS Animal Health.
• 2006: HSIC acquired Darby Medical Supply.
• 2006: HSIC acquired Island Dental.
• 2006: HSIC acquired Darby Dental Laboratory Supply.
• 2006: HSIC acquired Provet Holding AG of Switzerland.
• 2007: HSIC acquired W & J Dunlop Ltd..
• 2007: HSIC acquired Animal Health Company of the United Kingdom.
• 2007: HSIC acquired Software of Excellence International Ltd..
• 2007: HSIC acquired Dental Software Company of the United Kingdom.
• 2008: HSIC acquired Minerva Dental Limited of the United Kingdom.
• 2009: HSIC acquired Ortho Organizers based in Carlsbad, Ca.
• 2009: HSIC acquired Noviko which made veterinary supplies in the Czech Republic.
• 2009: HSIC acquired DNA Anthos Impianti.
• 2009: HSIC acquired Medka based in Berlin, Germany.
• 2010: HSIC acquired Butler Animal Health.
• 2010: HSIC acquired Provet Holdings Limited.
• 2011: HSIC acquired McAllister Software Systems and ImproMed.
• 2011: HSIC acquired Sogim Grimouille based in France.
• 2011: HSIC acquired Alpha Scientific.
• 2012: HSIC acquired Accord Dental in Thailand.
• Henry Schein entered Polish market with a definitive agreement with Medivet S.A..
• 2012: HSIC entered South Africa with an investment in The Dental Warehouse.
• 2014: HSIC acauired five companies from Arseus.
• 2014: HSIC acquired Lincoln Dental Supply.
• 2014: HSIC entered Malaysia with acquisition of scil animal care.
• 2017: HSIC entered Brazilian market with investment in Tecnew
• 2012: HSIC completed acquisition of In Dental Cremer.
• 2018: HSIC acquired majority interest in ABASE of Sao Paulo, Brazil.
• 2019: HSIC was listed in an anti-Trust suit launched by the FTC. The suit included Benco and Patterson.⁴
• 2018: The Veterinary products division merged with Vets First Choice (VFC) which appears to have been controlled by Clayton, Dubilier & Rice
  • 2010: VFC Founded.
  • 2015: CDR led a round of investment in VFC.
  • 2017: CDR raised $232 million in second investment round.⁵
  • 2018: VFC merged with the Veterinary Products division of HSIC to create Covetrus.
  • 2019: Covetrus held an IPO at $40 per share. The price dropped to $8.84 per share due largely to the $1.27 billion in debt created by the merger.

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References:

1. Business Wire - Covetrus Announced (Drawn 1/28/2020)
2. Wikipedia - Henry Schein (Drawn 1/28/2020)
3. Henry Schein - Our History (Drawn 1/28/2020)
4. FTC - Benco/Shein/Patterson Timeline (Drawn 1/28/2020)
5. Reuters - Vets First Choice and CDR (Drawn 1/28/2020)

Directory Listings:

• Phoenix Color - Health: Henry Schein
• Denver Color - Medical Equipment: Henry Schein
• Salt Lake Sites - Medical Equipment: Henry Schein

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