Patterson Companies Inc., which makes medical supplies for dentists and veterinarians, is acquiring a United Kingdom veterinary products distributor for $135 million in cash.
Patterson, based in Mendota Heights, said National Veterinary Services Ltd. is the largest distributor of veterinary products and services in the United Kingdom, and provides a way for Patterson to expand its geographical reach. The acquisition will be operated as a stand-alone subsidiary of Patterson under its existing management.
Patterson agreed to buy National Veterinary Services from its parent company, Dechra Pharmaceuticals, a veterinary drug business based in the U.K. The deal is expected to close in August.
Patterson expects the deal to add to its earnings per share in the first full year after the deal's completion, and estimated it will add 4 to 5 cents a share when acquisition costs are included.
Shares in Patterson rose 53 cents, or 1.4 percent, to close Wednesday at $39.10.
Steve Alexander
