Patterson Companies announced that it has, through a subsidiary, signed an agreement to acquire substantially all of the assets of Relief Services for Veterinary Practitioners and Animal Care Technologies (RSVP and ACT), a Texas-based company that provides innovative solutions to veterinary practices through data extraction and conversion, staffing and video-based training services. Upon closing, the acquisition expects to expand Patterson Veterinary’s value-add platform by adding these solutions to their suite of offerings.
RSVP and ACT is a privately held company founded in 1992. The acquired business will be integrated into Patterson Veterinary’s existing operations with integration of RSVP and ACT employees into the Patterson Veterinary team.
According to Kevin Pohlman, president of Patterson Animal Health, “RSVP and ACT have a specific set of offerings that are very attractive to Patterson Veterinary. These capabilities, coupled with its strong reputation among veterinarians, aligns with our vision of being an indispensable partner for our customers. In addition to building upon Patterson Veterinary’s strong suite of offerings, this acquisition illustrates Patterson’s focus on making strategic investments to drive profitable growth and create shareholder value.”
RSVP and ACT President Dr. David Grant stated, “We are excited about joining the Patterson Veterinary team and broadening the resources available to our respective customers. We have long admired Patterson Vet as a leading value-add provider to the companion animal market.”
George Henriques, president of Patterson Veterinary Supply, added that “in addition to strengthening our core offerings, the acquisition will expand and enhance our operating team. We welcome our new colleagues to the Patterson team and look forward to continued success together.”
Terms of the transaction are not being disclosed. Patterson expects to close the transaction during its third fiscal quarter of FY2023.
About Patterson Companies Inc.
Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. Our comprehensive portfolio, distribution network and supply chain are equaled only by our dedicated, knowledgeable people who deliver unrivaled expertise and unmatched customer service and support.
Learn more at pattersoncompanies.com.
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Any number of factors could affect our actual results and cause such results to differ materially from those contemplated by any forward-looking statements, including, but not limited to, the following: the COVID-19 pandemic and measures taken in response thereto; uncertain macro-economic conditions, including inflationary pressures; our dependence on relationships with sales representatives and service technicians to retain customers and develop business; potential disruption of distribution capabilities, including service issues with third-party shippers; our dependence on suppliers to manufacture and supply substantially all of the products we sell; the risk of the products we sell becoming obsolete or containing undetected errors; adverse changes in supplier rebates or other purchasing incentives; the risk that private label sales could adversely affect our relationships with suppliers; our dependence on positive perceptions of Patterson’s reputation; risks inherent in acquiring and disposing of assets or other businesses and the risks inherent in integrating acquired businesses; our ability to comply with restrictive covenants in our credit agreement; turnover or loss of key personnel or highly skilled employees; the risk that our governing documents and Minnesota law may discourage takeovers and business combinations; risks related to climate change; the effects of the highly competitive and consolidating dental and animal health supply markets in which we compete; exposure to the risks of the animal production business, including changing consumer demand, the cyclical livestock market, and other factors outside our control, and the risks of the companion animal business, including the possibility of disease adversely affecting the pet population; risks from the formation or expansion of GPOs, provider networks and buying groups that may shift purchasing decisions and place us at a competitive disadvantage; increases in over-the-counter sales and e-commerce options for companion animal products or sales of companion animal products from non-veterinarian sources; change and uncertainty in the health care industry; failure to comply with existing or future U.S. or foreign laws and regulations including those governing the distribution of pharmaceuticals and controlled substances; failure to comply with health care fraud or other laws and regulations; litigation risks, including the diversion of management’s attention, the cost of defending against such actions, the possibility of damage awards or settlements, fines or penalties, or equitable remedies (including but not limited to the revocation of or non-renewal of licenses) and inherent uncertainty; failure to comply with evolving data privacy laws and regulations; tax legislation; the risks inherent in international operations, including currency fluctuations; and risks associated with information systems, software products and cyber-security attacks. The order in which these factors appear should not be construed to indicate their relative importance or priority.
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