MMS Acquires Henry Schein Divisions
Dental/medical/veterinary care product supplier Henry Schein Inc. sold its two hospital supply divisions to MMS, following a decision to get out of that line of business taken six months ago because of poor synergy with the rest of the company. Exact terms of the deal were not disclosed, but it is “basically an asset purchase” according to MMS Chairman, President and CEO Gary Reeve. In the process MMS is purchasing $70 million worth of inventory, receivables and equipment, as well as assuming leases on a 200,000-square-foot warehouse in Secaucus, N.J. and office space in New York. This acquisition lets MMS extend its geographic coverage and the company expects to more than double its yearly revenue in its wake. Personnel is growing from 265 to 435 employees.
Sources: St. Louis Business Journal, press release.
April 13, 2006 Related topics: Mergers & Acquisitions, Supplies