Just two months after hiring Bank of America to explore a selloff of its medical-equipment unit, distributor Patterson Companies ($PDCO) has found a buyer. The Minnesota company announced on Wednesday that it will be selling Patterson Medical to private equity firm Madison Dearborn Partners for $715 million. The deal is expected to close next quarter.
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Patterson CEO Scott Anderson
Patterson CEO Scott Anderson says selling the medical business--which primarily markets equipment for use in the rehabilitation market--will free up the company to focus on its other two units, most notably its fast-growing animal health business.
"We believe that we can accelerate returns on invested capital and increase shareholder value by focusing on our closely aligned dental and animal health units," said Anderson in a press release announcing the deal. "By concentrating our efforts, we believe we have created the size and scale necessary to build on our success in our chosen markets." .................And off course MLA is going ahead off loading the Animal health business ...I recall july 2 years ago under CEO Mark donnison the SP was sitting on 40cents !!!!
MLA Price at posting:
6.6¢ Sentiment: Hold Disclosure: Held
