MELVILLE, N.Y., July 2, 2018 /PRNewswire/ -- Henry Schein, Inc. (Nasdaq: HSIC), the world's
largest provider of health care products and services to
office-based dental, animal health, and medical practitioners, and
Internet Brands, a KKR portfolio company, announced today the
completion of a joint venture to form Henry
Schein One. The new company is designed to deliver
integrated dental technology to help the profession improve
practice management and marketing as well as patient communication.
The transaction was announced on April 3,
2018.
Henry Schein One combines Henry
Schein Practice Solutions' products and services, such as
Dentrix®, Dentrix Ascend®, Easy
Dental®, and TechCentral™, as well as
Henry Schein's international dental
practice management systems, including Software of
Excellence®, Logiciel Julie, InfoMed®,
Exan®, and Labnet™, with the dental
businesses of Internet Brands, including web-based solutions such
as Demandforce®, Sesame Communications®,
Officite®, and DentalPlans.com®. The company
will deliver advanced, cutting-edge technology and enhanced
products to address the challenges created by the current lack of
technology integration in dental practices.
"With the creation of Henry Schein
One, we have advanced our dental business strategy by
bringing together leaders in dental software and web-based
applications to build a powerful new engine that will enable dental
professionals to be more efficient and to enhance their ability to
deliver high-quality care to patients," said Stanley M. Bergman, Chairman of the Board and
Chief Executive Officer, Henry
Schein, Inc. "We firmly believe that the products, services,
and solutions we will deliver through our combined expertise are
fundamental to what practitioners value and essential to driving
demand for their business success."
The combined entity, which will serve markets globally, had
pro-forma 2017 sales of approximately $400
million, of which approximately $100
million is from the Internet Brands dental businesses.
Henry Schein One expects to realize
between $20 million and $30 million in annual synergies by the end of
year three. Financial terms of the agreement were not
disclosed.
"With Henry Schein One, we intend to leverage Henry Schein's strength in practice management
software with our leading digital marketing applications to help
each member of the dental team work smarter and faster to improve
the practice and the entire patient experience," said Bob Brisco, CEO of Internet Brands. "We are very
excited about what we can do together to strengthen and expand our
combined product offerings to enable dental teams to be better
business managers, clinicians to be more efficient, and patients
more loyal to the practice."
Henry Schein will be the majority
shareholder with a more than 70% ownership position, with senior
management from Henry Schein and
Internet Brands serving on the board of Henry Schein One. The company's Chief Executive
Officer is James A. Harding, who
formerly served as the Chief Technology Officer of Henry Schein.
"Henry Schein One's vision is to
deliver technology innovation to improve every aspect of practice
management," said Mr. Harding. "We plan to connect our existing and
future portfolio of practice technology and products so it all
works together as one integrated system to automate more tasks and
simplify the digital workflow."
Henry Schein One will be
headquartered in American Fork,
Utah, which is the current home of Henry Schein Practice
Solutions. For more information, visit www.henryscheinone.com.
Cautionary Note Regarding Forward-Looking Statements
In accordance with the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995, we provide the following
cautionary remarks regarding important factors that, among others,
could cause future results to differ materially from the
forward-looking statements, expectations and assumptions expressed
or implied herein. These statements are identified by the use
of such terms as "may," "could," "expect," "intend," "believe,"
"plan," "estimate," "forecast," "project," "anticipate" or other
comparable terms. Such forward-looking statements include,
but are not limited to, statements about the benefits of the joint
venture transaction, including future financial and operating
results, the joint venture's plans, objectives, expectations and
intentions. All statements that address operating
performance, events or developments that we expect or anticipate
will occur in the future — including statements relating to
anticipated synergies and the expected timetable for completing the
proposed transaction — are forward-looking statements. All
forward-looking statements made by us are subject to risks and
uncertainties and are not guarantees of future performance.
These forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance and achievements or industry results to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. For
example, these forward-looking statements could be affected by
factors including, without limitation, risks associated with the
ability to consummate the transaction and the timing of the closing
of the transaction; the ability to obtain requisite approvals; the
ability to successfully integrate operations and employees; the
ability to realize anticipated benefits and synergies of the
transaction; the potential impact of the announcement of the
transaction or consummation of the transaction on relationships,
including with employees, customers and competitors; the ability to
retain key personnel; the ability to achieve performance targets;
changes in financial markets, interest rates and foreign currency
exchange rates; and those additional risks and factors discussed in
reports filed with the SEC by Henry
Schein from time to time, including those discussed under
the heading "Risk Factors" in its most recently filed report on
Form 10-K. We undertake no duty and have no obligation to
update any forward-looking statements contained herein.
About Henry Schein, Inc.
Henry Schein, Inc. (Nasdaq:
HSIC) is a health solutions network powered by people and
technology. With more than 22,000 Team Schein
Members serving more than 1 million customers globally, the
Company is the world's largest provider of Business, Clinical,
Technology, and Supply Chain solutions to enhance the efficiency of
office-based dental, animal health, and medical
practitioners. The Company also serves dental
laboratories, government and institutional health care
clinics, and other alternate care sites.
A Fortune 500® Company and a member of
the S&P 500® and the Nasdaq 100® indexes,
Henry Schein's network of trusted
advisors provides health care professionals with the valued
solutions they need to improve operational success and clinical
outcomes. The Company offers customers exclusive, innovative
products and solutions, including practice management software,
e-commerce solutions, specialty and surgical products, as well as a
broad range of financial services. Henry Schein operates through a centralized and
automated distribution network, with a selection of more than
120,000 branded products and Henry
Schein private-brand products in stock, as well as more than
180,000 additional products available as special-order items.
Headquartered in Melville, N.Y., Henry Schein has operations or affiliates in 34
countries. The company's sales reached a record $12.5
billion in 2017, and have grown at a compound annual rate of
approximately 15 percent since Henry
Schein became a public company in 1995. For more
information, visit Henry Schein at
www.henryschein.com, Facebook.com/HenrySchein,
and @HenrySchein on Twitter.
About Internet Brands
Headquartered in El Segundo,
Calif., Internet Brands® is a fully integrated online media
and software services organization focused on four high-value
vertical categories: Health, Automotive, Legal and Home/Travel. The
company's award-winning consumer websites lead their categories and
serve more than 250 million monthly visitors, while a full range of
web presence offerings has established deep, long-term
relationships with SMB and enterprise clients. Internet Brands'
powerful, proprietary operating platform provides the flexibility
and scalability to fuel the company's continued growth. Internet
Brands is a portfolio company of KKR and Temasek. For more
information, please visit www.internetbrands.com.
View original content with
multimedia:http://www.prnewswire.com/news-releases/henry-schein-and-internet-brands-announce-completion-of-joint-venture-to-form-henry-schein-one-300675245.html
SOURCE Henry Schein, Inc.