Henry Schein Inc., Long Island’s largest public company by revenue and market capitalization, Monday announced it has acquired a majority stake in Tecnew, a privately held Brazilian pet care product distributor.
Financial terms were not disclosed.
The deal for 51 percent of Tecnew gives the Melville company its first presence in the South America animal health market.
“Tecnew is the ideal partner to unify our vision to expand our global animal health business to South America,” Stanley Bergman, chairman and chief executive of Henry Schein, said in a statement.
Nineteen-year-old Tecnew, with about 130 employees, had 2016 sales of about $24 million.
Nilva Lopes, the founder of Tecnew, based in the state of Rio de Janeiro, will retain a minority ownership position and continue as the company’s managing director.
“As part of the Henry Schein family and with our combined resources, we look forward to working together to expand our market,” Lopes said in a statement.
Henry Schein, a Fortune 500 company, had sales of $10.6 billion in 2015.
With its investment in Tecnew, Henry Schein’s animal health unit has operations or affiliates in 24 countries.