Henry Schein Animal Health and Vets First Choice, two unique and complementary businesses in the animal-health industry, have combined to form Covetrus.
Under the newly formed company, Covetrus says it will provide veterinary practices with a more comprehensive set of integrated services and technology solutions, tools to strengthen client relationships and growth, and improved workflow and cost-effectiveness through efficient delivery of next-generation solutions.
The new company will trade under the NASDAQ stock market under the symbol CVET.
“[This] marks an important new chapter in the world of veterinary medicine, as we launch Covetrus as a new company listed on NASDAQ,” says Benjamin Shaw, president and chief executive officer. “We look forward to strengthening our customer relationships and expanding our veterinary practice partnerships worldwide, as we bring more comprehensive and powerful solutions to market to meet their evolving needs and improve health and financial outcomes.”
As part of the spin-off, Henry Schein received approximately $1.1 billion in what is expected to be tax-free proceeds that will be used to pay debt.