Covetrus, Inc.
TypePrivate
Nasdaq: CVET
IndustryAnimal health
HeadquartersPortland, Maine, US
Key people
Benjamin C. Wolin (President & CEO), Philip A. Laskawy (Chairman)
RevenueIncrease US$4,339 million (2021)[1]
Decrease US$ −69 million (2020)[2]
Increase US$108 million (2020)[3]
Total assetsIncrease US$3,496 million (2020)[4]
Total equityIncrease US$1,573 million (2020)[4]
OwnerClayton, Dubilier & Rice
Number of employees
5,500[5][1]
Websitecovetrus.com

Covetrus, Inc. is an American company providing animal health products and related services.[6] Until 2019, it was the animal health business of VetsFirstChoice, and Henry Schein, before being divested.[7][6] In 2021, the company ranked 593 on the Fortune 1000 list of the largest United States corporations by total revenue.[1]

History

In 2006, Henry Schein acquired NLS Animal Health, a privately held veterinary distribution business.[8]

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.[9]

In 2012, Henry Schein acquired Netherlands-based AUV Veterinary Services for approximately $40 million.[10][11]

In 2013, Butler Schein Animal Health was rebranded as Henry Schein Animal Health.[12][13]

In 2015, Scil Animal Care merged with Henry Schein Animal Health.[14][15]

In 2016, Henry Schein acquired RxWorks, a provider of veterinary practice management software.[16][17]

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.[18] 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.[18][19]

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.[20][21]

Privatisation

On May 25, 2022, it was announced that Clayton, Dubilier & Rice and TPG Inc. would acquire the company for $4 billion.[22][23] The acquisition was finalized in October, 2022.[24]

Products

Covetrus engages in the sale of animal health consumable goods to wholesale and retail customers.[25] Its products include supply chain services, software, and prescription management.[26] 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.[26] The company operates primarily in North America, Europe, and Asia-Pacific.[25] 100,000 veterinary practices are served by Covetrus globally.[20]

References

  1. 1 2 3 "Covetrus | 2022 Fortune 500". Fortune. Retrieved 1 December 2022.
  2. ↑ "Covetrus (CVET) Operating Income".
  3. ↑ "Covetrus Reports Fourth Quarter and Full-Year 2020 Financial Results | Covetrus".
  4. 1 2 "CVET | Covetrus Inc. Annual Balance Sheet - WSJ". Retrieved 1 December 2022.
  5. ↑ Official website of Covetrus
  6. 1 2 "Henry Schein to Spin off and Merge Animal Health Business". Forbes.
  7. ↑ "Global M&A by the Numbers: Q3 2021".
  8. ↑ "Communication pearls for dogs with disabilities". DVM 360. Retrieved 1 December 2022.
  9. ↑ "Press Release". www.sec.gov. Retrieved 1 December 2022.
  10. ↑ "Henry Schein Completes AUV Acquisition". finance.yahoo.com. Retrieved 1 December 2022.
  11. ↑ "Henry Schein to Purchase European Veterinary Wholesaler". 11 April 2012.
  12. ↑ "Butler Schein Animal Health Becomes Henry Schein Animal Health". 19 March 2013.
  13. ↑ "Butler Schein Animal Health to Become Henry Schein Animal Health | Henry Schein".
  14. ↑ "Henry Schein to Purchase Scil Animal Care". 22 January 2015.
  15. ↑ "Henry Schein boosts animal health business with German deal". Newsday. Retrieved 26 March 2023.
  16. ↑ "Henry Schein to Acquire RxWorks". Acquisition International. 2016-01-12. Retrieved 2022-05-26.
  17. ↑ "Henry Schein Completes Acquisition of RxWorks". news.thomasnet.com. Retrieved 2022-05-26.
  18. 1 2 "Henry Schein to spin off, merge its animal health business with start-up". CNBC. 23 April 2018.
  19. ↑ "Covetrus answers bell as new public company". 9 February 2019.
  20. 1 2 "E-tailer Chewy sues Covetrus; results may change how you get Rx for Rex, food for Fido | Mainebiz.biz". Retrieved 1 December 2022.
  21. ↑ "Chewy picks legal dogfight as it makes aggressive push into the pet meds market". 10 October 2021.
  22. ↑ Escobar, Sabrina. "Covetrus to Be Taken Private for $4 Billion". www.barrons.com. Retrieved 2022-05-26.
  23. ↑ Singh, Vandana. "CD&R, TPG Take Covetrus Private In $4B Deal". Benzinga. Retrieved 2022-05-26.
  24. ↑ "Clayton, Dubilier & Rice and TPG Complete Acquisition of Covetrus". Business Wire. Retrieved 2022-12-08.
  25. 1 2 "Covetrus, Inc. (CVET) Firmenprofil und Fakten – Yahoo Finanzen".
  26. 1 2 "CVET.O - Covetrus Inc Profile | Reuters". Reuters.
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