Patterson Companies (Nasdaq: PDCO) today announced that the U.K. unit of
its Patterson Medical business, Homecraft Rolyan Ltd., has acquired
Mobilis Healthcare Group, one of the U.K.’s leading value-added
distributors of physical therapy, sports medicine and podiatry products.
Terms of the all-cash transaction were not disclosed.
With sales of approximately $28 million (£20 million), Mobilis serves
12,000 customers in the U.K. and France and owns several leading brands
that are sold into its primary markets. Mobilis, which is profitable and
possesses a debt-free balance sheet, is expected to be modestly
accretive to Patterson’s consolidated earnings during the first year
followings its acquisition.
David P. Sproat, president of Patterson Medical, commented: “The
acquisition of Mobilis Healthcare Group is strategically significant,
since it will substantially increase Homecraft’s presence in the U.K.
rehabilitation market. In addition, Mobilis has established a strong
position in the physical therapy market, while Homecraft historically
has focused on the occupational therapy market. In this way, Mobilis
brings a new customer base into our rehabilitation supply business.
Mobilis also provides a platform for Homecraft’s expansion into the
sports medicine market.”
About Patterson Companies, Inc.
Patterson Companies, Inc. is a value-added distributor serving the
dental, companion-pet veterinarian and rehabilitation supply markets.
Dental Market
As Patterson’s largest business, Patterson Dental provides a virtually
complete range of consumable dental products, equipment and software,
turnkey digital solutions and value-added services to dentists and
dental laboratories throughout North America.
Veterinary Market
Webster Veterinary is the nation’s second largest distributor of
consumable veterinary supplies, equipment and software, diagnostic
products, vaccines and pharmaceuticals to companion-pet veterinary
clinics.
Rehabilitation Market
Patterson Medical is the world’s leading distributor of rehabilitation
supplies and non-wheelchair assistive patient products to the physical
and occupational therapy markets. The unit’s global customer base
includes hospitals, long-term care facilities, clinics and dealers.
This release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are information of a non-historical nature and are subject to
risks and uncertainties that are beyond the Company’s ability to
control. The Company cautions shareholders and prospective investors
that the following factors, among others, may cause actual results to
differ materially from those indicated by the forward-looking
statements: competition within the dental, veterinary, and
rehabilitative and assistive living supply industries; changes in the
economics of dentistry, including reduced growth in expenditures by
private dental insurance plans, the effects of economic conditions and
the effects of healthcare reform, which may affect future per capita
expenditures for dental services and the ability and willingness of
dentists to invest in high-technology products; the effects of
healthcare related legislation and regulation which may affect
expenditures or reimbursements for rehabilitative and assistive
products; changes in the economics of the veterinary supply market,
including reduced growth in per capita expenditures for veterinary
services and reduced growth in the number of households owning pets; the
ability of the Company to maintain satisfactory relationships with its
sales force; unforeseen operating risks; unexpected loss of key senior
management personnel; risks associated with the dependence on
manufacturers of the Company’s products; and the ability of the Company
to successfully integrate the recent acquisitions into its existing
business. Forward-looking statements are qualified in their entirety by
the cautionary language set forth in the Company's filings with the
Securities and Exchange Commission, including its Form 10-K for fiscal
year 2007.
R. Stephen Armstrong, 651/686-1600
Executive Vice President & CFO
or
Richard
G. Cinquina, 904/415-1415
Equity Market Partners
