Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical practitioners, today announced it has completed the acquisition of Condor Dental Research Company SA (Condor Dental), a dental distribution company that serves dental general practitioners, specialists, and laboratories in Switzerland. The transaction was announced on June 7, 2022.
Henry Schein acquired 100% of Condor Dental from MCCB II Holding, owned by Christèle Herreman. This transaction is expected to be neutral to Henry Schein’s 2022 diluted earnings per share and to be accretive thereafter. Financial terms were not disclosed.
Since 2004, Henry Schein has served the Swiss dental implant market through Camlog Biotechnologies GmbH, a Basel-based division of Henry Schein, Inc., a member of the Company’s Global Oral Reconstruction Group, and a global leader in dental implants, biomaterials, and oral reconstruction. The addition of Condor Dental will expand Henry Schein’s entry into the Swiss market for its dental distribution business.
“Our partnership comes at a time of growing demand for dental services in Switzerland and with the completion of our strategic investment in Condor Dental, we see a significant opportunity to help dental practitioners provide high-quality care as part of operating efficient and successful practices," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “We at Henry Schein welcome our new Condor Dental colleagues and we look forward to bringing new products, services, and solutions to the Swiss dental community."
Condor Dental is based in Vouvry, Switzerland, and was established in 1978. Sales for 2021 were approximately $18 million, the majority of which were from dental consumable merchandise, with further revenue from the design and customization of dental practices and dental laboratory installations. With the transaction closed, Condor Dental joins Henry Schein’s International Distribution Group, and the business will continue to be led by Yves Mailliard, Condor’s Chief Operating Officer.
“We are extremely pleased to complete our partnership with Henry Schein, a company that shares our commitment to providing our customers with the tools and solutions they need to deliver quality care to patients,” said Mr. Mailliard. “As part of the Henry Schein family, Condor Dental has several exciting opportunities to accelerate organic growth including geographic expansion, leveraging Henry Schein’s private-label products, and accelerating participation in the digitalization of dental practices. Along with expanding our customer base, we also look forward to increasing Condor Dental’s existing customer base while facilitating excellent patient care and improving practice profitability.”
“A highly regarded company that has been serving dental professionals for more than 40 years, Condor Dental nicely complements our European dental business,” said Andrea Albertini, President of Henry Schein’s International Distribution Group. “With the support of Henry Schein’s operational expertise, Condor Dental will be better resourced to strengthen its position in the marketplace and improve the level of services and solutions offered to dental practitioners.”