 | |
| Company type | Private |
|---|---|
| Traded as | Nasdaq: CVET |
| Industry | Animal health |
| Headquarters | Portland, Maine, US |
| Key people | |
| Revenue |  US$4,339 million (2021) |
| Operating income |  US$ −69 million (2020) |
| Net income | US$108 million (2020) |
| Total assets | US$3,496 million (2020) |
| Total equity | US$1,573 million (2020) |
| Owner | Clayton, Dubilier & Rice |
| Number of employees | 5,500 |
| Website | covetrus |
Covetrus, Inc. is an American company providing animal health products and related services. Until 2019, it was the animal health business of VetsFirstChoice, and Henry Schein, before being divested. In 2021, the company ranked 593 on the Fortune 1000 list of the largest United States corporations by total revenue.
History
In 2006, Henry Schein acquired NLS Animal Health, a privately held veterinary distribution business.
In 2009, Henry Schein and Butler Animal Health Supply launched a joint venture Butler Schein Animal Health creating the largest veterinary sales and distribution company in the United States.
In 2012, Henry Schein acquired Netherlands-based AUV Veterinary Services for approximately $40 million.
In 2013, Butler Schein Animal Health was rebranded as Henry Schein Animal Health.
In 2015, Scil Animal Care merged with Henry Schein Animal Health.
In 2016, Henry Schein acquired RxWorks, a provider of veterinary practice management software.
In 2019, Henry Schein announced the spin-off of its animal health business. The spin-off was merged with Portland, Maine-based Vets First Choice and was called Covetrus. The company became listed on the Nasdaq with Henry Schein shareholders owning about 63% of the company, and Vet First Choice shareholders owning about 37% of it.
In 2021, online pet product retailer Chewy Inc. filed a lawsuit against Covetrus for allegedly illegally diverting potential purchases of pet medication and food away from Chewy and into sales for Covetrus.
Privatisation
On May 25, 2022, it was announced that Clayton, Dubilier & Rice and TPG Inc. would acquire the company for $4 billion. The acquisition was finalized in October, 2022.
Products
Covetrus engages in the sale of animal health consumable goods to wholesale and retail customers. Its products include supply chain services, software, and prescription management. The company's software services business develops and provides veterinary practices with veterinary software systems including practice management software, data-driven applicants, and client communications tools. The company operates primarily in North America, Europe, and Asia-Pacific. 100,000 veterinary practices are served by Covetrus globally.
References
- ^ "Covetrus | 2022 Fortune 500". Fortune. Retrieved 1 December 2022.
- "Covetrus (CVET) Operating Income".
- "Covetrus Reports Fourth Quarter and Full-Year 2020 Financial Results | Covetrus".
- ^ "CVET | Covetrus Inc. Annual Balance Sheet - WSJ". Retrieved 1 December 2022.
- Official website of Covetrus
- ^ "Henry Schein to Spin off and Merge Animal Health Business". Forbes.
- "Global M&A by the Numbers: Q3 2021".
- "Communication pearls for dogs with disabilities". DVM 360. Retrieved 1 December 2022.
- "Press Release". www.sec.gov. Retrieved 1 December 2022.
- "Henry Schein Completes AUV Acquisition". finance.yahoo.com. Retrieved 1 December 2022.
- "Henry Schein to Purchase European Veterinary Wholesaler". 11 April 2012.
- "Butler Schein Animal Health Becomes Henry Schein Animal Health". 19 March 2013.
- "Butler Schein Animal Health to Become Henry Schein Animal Health | Henry Schein".
- "Henry Schein to Purchase Scil Animal Care". 22 January 2015.
- "Henry Schein boosts animal health business with German deal". Newsday. Retrieved 26 March 2023.
- "Henry Schein to Acquire RxWorks". Acquisition International. 2016-01-12. Retrieved 2022-05-26.
- "Henry Schein Completes Acquisition of RxWorks". news.thomasnet.com. Retrieved 2022-05-26.
- ^ "Henry Schein to spin off, merge its animal health business with start-up". CNBC. 23 April 2018.
- "Covetrus answers bell as new public company". 9 February 2019.
- ^ "E-tailer Chewy sues Covetrus; results may change how you get Rx for Rex, food for Fido | Mainebiz.biz". Retrieved 1 December 2022.
- Escobar, Sabrina. "Covetrus to Be Taken Private for $4 Billion". www.barrons.com. Retrieved 2022-05-26.
- Singh, Vandana. "CD&R, TPG Take Covetrus Private In $4B Deal". Benzinga. Retrieved 2022-05-26.
- "Clayton, Dubilier & Rice and TPG Complete Acquisition of Covetrus". Business Wire. Retrieved 2022-12-08.
- ^ "Covetrus, Inc. (CVET) Firmenprofil und Fakten – Yahoo Finanzen".
- ^ "CVET.O - Covetrus Inc Profile | Reuters". Reuters.