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Read more about this transaction, which will expand Henry Schein's Brazilian market.
Henry Schein, Inc., one of the world's largest providers of health care products and services to office-based dental, animal health and medical practitioners, announced it has entered into an agreement to acquire a majority ownership interest in Dental Cremer S.A., a distributor of dental supplies and equipment in Brazil.
Headquartered in Blumenau, Brazil, Dental Cremer is the dental distribution business of Cremer S.A. With 2015 sales of approximately $70 million, Dental Cremer serves approximately 60,000 dental practitioners across Brazil and has approximately 530 team members.
Henry Schein expects the transaction to be neutral to its 2016 earnings per share and accretive to its 2017 earnings per share by $0.01-$0.02. Completion of the transaction is subject to regulatory approval and other conditions and is expected to close in the first half of 2016.
"As Brazil's dental market grows, fueled by an aging population and an expanding middle class, Henry Schein and Dental Cremer share a commitment to helping practitioners in Brazil operate successful practices and provide quality care to patients," said Stanley M. Bergman, chairman of the board and CEO of Henry Schein, Inc. "We look forward to welcoming the Dental Cremer team to Team Schein."
Mr. Paulo Batista, the CEO of Dental Cremer, and other members of Dental Cremer's management team will retain an ownership interest in the company. Batista will continue to lead the business as managing director.
"Henry Schein has demonstrated its steadfast commitment to serving the needs of dental practitioners and the patients they serve throughout the world for more than eight decades," Batista said. "We look forward to drawing on Henry Schein's impressive global resources to strengthen the foundation that Dental Cremer has built."
Henry Schein first entered the Brazilian dental market in 2014. Upon closing, Dental Cremer will become part of Henry Schein's Global Dental business, a leading global distributor of products and services, including innovative digital dental technology solutions to office-based general dental practitioners, dental specialists and dental laboratories. Henry Schein serves its customers through a multifaceted sales and marketing approach that includes more than 2,600 dedicated dental field sales consultants, as well as product specialists, telesales representatives and direct marketing programs.