Covetrus, Inc. is an American company providing animal health products and related services.
Until 2019, it was the animal health business of VetsFirstChoice, and
Henry Schein, before being divested.
In 2021, the company ranked 593 on the
Fortune 1000
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list of the largest United States corporations by total revenue.
History
In 2006, Henry Schein acquired NLS Animal Health, a privately held veterinary distribution business.
In 2009, Henry Schein and Butler Animal Health Supply launched a joint venture Butler Schein Animal Health creating the largest veterinary sales and distribution company in the United States.
In 2012, Henry Schein acquired Netherlands-based AUV Veterinary Services for approximately $40 million.
In 2013, Butler Schein Animal Health was rebranded as Henry Schein Animal Health.
In 2015, Scil Animal Care merged with Henry Schein Animal Health.
In 2016, Henry Schein acquired RxWorks, a provider of
veterinary practice management software.
In 2019,
Henry Schein announced the spin-off of its animal health business. The spin-off was merged with Portland, Maine-based Vets First Choice and was called Covetrus.
The company became listed on the
Nasdaq
The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...
with Henry Schein shareholders owning about 63% of the company, and Vet First Choice shareholders owning about 37% of it.
In 2021, online pet product retailer
Chewy Inc. filed a lawsuit against Covetrus for allegedly illegally diverting potential purchases of pet medication and food away from Chewy and into sales for Covetrus.
Privatization
On May 25, 2022, it was announced that
Clayton, Dubilier & Rice and
TPG Inc.
TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, stock, public equity, and debt investments. The f ...
would acquire the company for $4 billion. The acquisition was finalized in October, 2022.
Products
Covetrus engages in the sale of animal health consumable goods to wholesale and retail customers.
Its products include supply chain services, software, and prescription management.
The company's software services business develops and provides veterinary practices with veterinary software systems including practice management software, data-driven applicants, and client communications tools.
The company operates primarily in
North America
North America is a continent in the Northern Hemisphere, Northern and Western Hemisphere, Western hemispheres. North America is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the southeast by South Ameri ...
,
Europe
Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east ...
, and
Asia-Pacific.
100,000 veterinary practices are served by Covetrus globally.
References
External links
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Health care companies based in Maine
Veterinary medicine companies
Companies listed on the Nasdaq
American companies established in 2019
Corporate spin-offs
Veterinary medicine in the United States
2022 mergers and acquisitions