Henry Schein Inc., Long Island's largest public company by revenue, announced Tuesday that it will acquire a majority stake in Jorgen Kruuse A/S, a distributor of veterinary products in Scandinavia.
Schein, a global health products distributor based in Melville, will acquire 85 percent of Kruuse with the Kruuse family retaining the remaining 15 percent. The deal for Langeskov, Denmark-based Kruuse will extend the reach of Schein's animal health business into Denmark, Norway and Sweden, Schein said in a news release.
Financial terms of the deal were not disclosed, but Kruuse had 2014 sales of about $90 million. Schein said it expects the transaction to be neutral to earnings in 2015, but add to earnings thereafter. The deal is expected to close in the third quarter of this year.
The deal for the 119-year-old business followed a pattern often used by Schein's merger and acquisition unit: allowing the founding family to retain a minority stake in the business while integrating sales and financial muscle from the new majority partner.
Schein said it plans to expand distribution of Kruuse's line of proprietary pet products across Europe, North America, Australia and New Zealand.
Jesper Smith, who has served as Kruuse chief executive since 2009, will join Schein and continue to oversee the Kruuse business along with other Kruuse executives.
Schein chairman and CEO Stanley M. Bergman said that after the recent acquisitions of the German company scil animal care, Maravet in Romania and SmartPak in the United States, "our animal health business continues to thrive while gaining market share through a combination of organic growth and strategic transactions."