Portland, Maine, United States:
Covetrus (“Covetrus” or the “Company”), a worldwide chief in animal-health expertise and companies, right now introduced the profitable completion of its beforehand introduced acquisition by funds affiliated with Clayton, Dubilier & Rice (CD&R) and TPG Capital, the large-scale US and European non-public fairness platform of world various asset administration agency TPG (“TPG”). As a end result of the transaction, Covetrus is now a personal firm, and its inventory is now not publicly listed or traded on NASDAQ.
“We are thrilled to begin this next chapter of growth in partnership with CD&R and TPG and with a continued commitment to driving more positive outcomes for the global veterinary community,” mentioned Benjamin Wolin, Covetrus’ President and Chief Executive Officer and a member of its Board of Directors. “Starting with their initial investment in 2015, CD&R’s investments and continued support were critical in helping drive our transformation to become a leading global provider of animal health services. Moving forward with both CD&R and TPG’s support, we believe Covetrus will be well positioned to strengthen our technology capabilities and product innovation and continue to empower veterinarians around the world.”
Mr. Wolin will proceed to steer the Company as President and Chief Executive Officer. Covetrus will keep its headquarters in Portland, Maine, and will proceed to function beneath its present manufacturers.
Advisors
Goldman Sachs & Co. LLC served as lead monetary advisor to Covetrus. Lincoln International LLC additionally served as monetary advisor to Covetrus. Weil, Gotshal & Manges LLP served as authorized counsel for Covetrus.
Deutsche Bank Securities Inc., UBS Investment Bank, BMO Capital Markets and Mizuho Securities USA LLC supplied dedicated debt financing for the transaction and served as monetary advisors to CD&R and TPG Capital. Debevoise & Plimpton LLP and Ropes & Gray LLP acted as authorized counsel for CD&R and TPG Capital.
About Covetrus
Covetrus is a worldwide animal-health expertise and companies firm devoted to empowering veterinary apply companions to drive improved well being and monetary outcomes. We are bringing collectively merchandise, companies, and expertise right into a single platform that connects our clients to the options and insights they should work finest. Our ardour for the well-being of animals and those that look after them drives us to advance the world of veterinary drugs. Covetrus is headquartered in Portland, Maine with greater than 5,700 staff serving over 100,000 clients across the globe. For extra details about Covetrus, please go to covetrus.com.
About Clayton, Dubilier & Rice
Clayton, Dubilier & Rice is a personal funding agency with a method predicated on constructing stronger, extra worthwhile companies throughout a broad vary of industries, together with Industrials, Healthcare, Consumer, Technology and Financial Services. Since its inception, CD&R has managed the funding of greater than $40 billion in over 100 corporations with an mixture transaction worth of greater than $175 billion. For extra data on CD&R, please go to www.cdr-inc.com and comply with the Firm’s actions by LinkedIn and @CDRBuilds on Twitter.
About TPG
TPG is a number one world various asset administration agency based in San Francisco in 1992 with $127 billion of property beneath administration and funding and operational groups in 12 workplaces globally. TPG invests throughout 5 multi-product platforms: Capital, Growth, Impact, Real Estate, and Market Solutions and our distinctive technique is pushed by collaboration, innovation, and inclusion. Our groups mix deep product and sector expertise with broad capabilities and experience to develop differentiated insights and add worth for our fund buyers, portfolio corporations, administration groups, and communities. For extra data, go to www.tpg.com or @TPG on Twitter.
Forward-Looking Statements
This press launch comprises sure statements which are forward-looking throughout the that means of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and that contain dangers and uncertainties, together with statements concerning the potential advantages of the transaction with CD&R and TPG, our plans, targets, expectations, and intentions. Such statements are primarily based on a quantity of assumptions about future occasions and are topic to quite a few dangers and uncertainties, and precise outcomes may differ materially from these anticipated on account of a quantity of elements together with, however not restricted to, dangers associated to disruption of administration’s consideration from our ongoing business operations as a result of acquisition; the impact of the consummation of the acquisition on {our relationships} with our clients, working outcomes and business usually; the potential for political, social, or financial unrest, terrorism, hostilities or warfare, together with warfare between Russia and Ukraine and the potential impression of monetary and financial sanctions on the regional and world economy; the impression of inflationary results on the Company, the impact of well being epidemics, together with the COVID-19 pandemic, on our business and the success of any measures we have now taken or could take sooner or later in response thereto, together with compliance with extended measures to comprise the unfold of COVID-19 which can impression our capability to proceed operations at our distribution facilities and pharmacies; the power to realize efficiency targets, together with managing our development successfully; the power to launch new merchandise; the power to efficiently combine acquisitions, operations and staff; the power to proceed to execute on our strategic plan; the power to draw and retain key personnel; the power to handle relationships with our provider and distributor community, together with negotiating acceptable pricing and different phrases with these companions; the power to draw and retain clients in a worth delicate setting; the power to take care of high quality requirements in our expertise product choices in addition to related customer support interactions to attenuate loss of present clients and appeal to new clients; entry to monetary markets together with modifications in rates of interest and overseas forex change charges; modifications within the legislative panorama through which we function, together with potential company tax reform, and our capability to adapt to these modifications in addition to adaptation by the third-parties we’re dependent upon for provide and distribution; the impression of litigation; the impression of accounting pronouncements, seasonality of our business, leases, bills, curiosity expense, and debt; sufficiency of money and entry to liquidity; cybersecurity dangers, together with threat related to our dependence on third celebration service suppliers as a big portion of our workforce is working from house; and these further dangers mentioned beneath the heading “Risk Factors” in our Annual Report on Form 10-Okay filed on February 28, 2022 and our Quarterly Report on Form 10-Q for the interval ended June 30, 2022, filed on August 4, 2022. Our forward-looking statements are primarily based on present beliefs and expectations of our administration group and, besides as required by legislation, we undertake no obligations to make any revisions to the forward-looking statements contained on this launch or to replace them to replicate occasions or circumstances occurring after the date of this press launch, whether or not in consequence of new data, future developments or in any other case. Investors are cautioned to not place undue reliance on these forward-looking statements.
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