Henry Schein Inc., Long Island's largest public company by revenue, has acquired 50 percent of a Romanian veterinary products distributor.
The investment in closely held Maravet, based in Baia Mare, closed in the second quarter of 2015, according to a Henry Schein news release. Financial terms were not disclosed for the stake in the company, which has annual sales of about $23 million and 89 employees.
The deal follows Melville-based Henry Schein's model of entering, or expanding its presence in, new markets, but maintaining involvement by the prior ownership. In the case of Maravet, the founding Korponay family will retain 50 percent ownership and Ferenc Korponay, a veterinarian, will continue as managing director.
"We welcome the opportunity to build on this firm foundation as we continue to grow our business in Eastern Europe," Henry Schein chairman and chief executive Stanley Bergman said in the news release.
In 2009, Henry Schein established an animal health business in the Czech Republic and in 2013 the company acquired another Eastern European veterinary company, Poland's Medivet. With the addition of Maravet, Henry Schein's animal health business, with sales of about $2.9 billion in 2014, covers 14 European countries.