M&A Deal Summary

Covetrus Acquires SmartPak Equine

On February 13, 2019, Covetrus acquired retailer SmartPak Equine from Oak Hill Capital and Henry Schein Animal Health

Acquisition Highlights
  • This is Covetrus’ 1st transaction in the Retail sector.
  • This is Covetrus’ 4th transaction in the United States.
  • This is Covetrus’ 1st transaction in Massachusetts.

M&A Deal Summary
Date 2019-02-13
Target SmartPak Equine
Sector Retail
Buyer(s) Covetrus
Sellers(s) Oak Hill Capital
Henry Schein Animal Health
Deal Type Add-on Acquisition

Target

SmartPak Equine

Plymouth, Massachusetts, United States
SmartPak Equine is a provider of equine supplements and horse supplies. SmartPak Equine was founded in 1999 and is based in Plymouth, Massachusetts.

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Buyer(S) 1

Buyer

Covetrus

Portland, Maine, United States
Category Company
Founded 2010
Sector Consumer Services
Employees5,275
Revenue 4.3B USD (2020)
DESCRIPTION

Covetrus is a provider of technology-enabled healthcare services for companion and equine veterinary practitioners. The company partners with veterinarians to create insight into gaps in patient care and offer professionalized pro-active prescription management to drive client engagement and improve compliance. Covetrus was formed in 2010 and is based in Portland, Maine.

DEAL STATS #
Overall 5 of 6
Sector (Retail) 1 of 1
Type (Add-on Acquisition) 3 of 4
State (Massachusetts) 1 of 1
Country (United States) 4 of 5
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-26 scil animal care company

Viernheim, Germany

scil animal care company GmbH is a provider of animal health laboratory and imaging diagnostic products and services to veterinarians primarily in North America and Europe. scil animal care company was formed in 1998 and is based in Viernheim, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-14 scil animal care company

Viernheim, Germany

scil animal care company GmbH is a provider of animal health laboratory and imaging diagnostic products and services to veterinarians primarily in North America and Europe. scil animal care company was formed in 1998 and is based in Viernheim, Germany.

Sell -

Seller(S) 2

SELLER

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.

DEAL STATS #
Overall 46 of 55
Sector (Retail) 3 of 4
Type (Add-on Acquisition) 21 of 23
State (Massachusetts) 2 of 2
Country (United States) 38 of 46
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-09 Juice Plus+

London, United Kingdom

Juice Plus+ is a privately owned company selling products designed to improve quality of life. Juice Plus+ is fruit and vegetable nutrition in a convenient capsule or chewable form, with powder concentrates from 30 fruits, vegetables, and grains. Beginning with whole food based capsules, the Juice Plus+ product line has evolved to include chewable, which appeal to kids and adults alike, as well as whole food shakes and nutrition bars. Juice Plus+ was founded in 1970 and is based in London, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-25 Kestra Financial

Austin, Texas, United States

Kestra Financial is a provider of independent advisor platforms that empowers sophisticated independent financial professionals, including traditional and hybrid RIAs, to prosper, grow and provide superior client service. Kestra Financial was founded in 1997 and is based in Austin, Texas.

Buy -
SELLER

Henry Schein Animal Health

Dublin, Ohio, United States
Category Company
Sector Distribution
Employees900
DESCRIPTION

Henry Schein Animal Health is an animal health distribution company in the United States. The Company employs approximately 900 team members, including 300 field sales representatives and 200 telesales and customer support representatives.

DEAL STATS #
Overall 1 of 1
Sector (Retail) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-12 Vetstreet

Yardley, Pennsylvania, United States

Vetstreet is a software as a service (SaaS) provider of marketing solutions and health information analytics to veterinary practices and animal health product manufacturers. Vetstreet was formed in 2000 and is based in Yardley, Pennsylvania.

Buy -
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