Why Henry Schein (HSIC) Is Buying Condor Dental

By Amit Chowdhry ● Jun 7, 2022
  • Henry Schein, Inc. (Nasdaq: HSIC) announced it is buying Condor Dental. These are the details.

Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical practitioners, announced that it has signed a definitive agreement to buy Condor Dental Research Company SA (Condor Dental), a privately held dental distribution company that serves dental general practitioners, specialists, and laboratories in Switzerland.

Since 2004, Henry Schein served the Swiss dental implant market through Camlog Biotechnologies GmbH, a member of the Global Oral Reconstruction Group, a Basel-based division of Henry Schein, and a global leader in dental implants, biomaterials, and oral reconstruction. Plus the addition of Condor Dental will expand Henry Schein’s entry into the Swiss market for its dental distribution business.

Condor Dental is based in Vouvry, Switzerland and was established in 1978. And the sales for 2021 were approximately $18 million, the majority of which were from dental consumable merchandise with further revenue from the customization of dental practices and dental laboratory installations. After the transaction closes, Condor Dental will join Henry Schein’s International Distribution Group, and the business will continue to be led by Yves Mailliard, Condor’s Chief Operating Officer.

Henry Schein will acquire Condor Dental from MCCB Holding Sarl, a health care holding company that is wholly owned by the Libon family. And this deal is expected to be neutral to Henry Schein’s 2022 diluted earnings per share and to be accretive thereafter. Financial terms were not disclosed.

KEY QUOTES:

“We look forward to welcoming the Condor Dental team to the Henry Schein family. Our companies share the same values and emphasis on delivering an exceptional customer experience. Condor offers a comprehensive product portfolio and has multiple opportunities for growth in one of Europe’s most attractive dental markets. This transaction is a prime example of Henry Schein’s long-standing commitment to strategic acquisitions that allow us to better serve customers and broaden our wide selection of products and services that support the delivery of high-quality dental care.”

— Stanley Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein

“Condor Dental is a highly regarded company that has been serving dental professionals for more than 40 years and will nicely complement our European dental business. 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. For Henry Schein, we will have a significant opportunity through this new partnership to expand our presence into Switzerland and to bring our comprehensive portfolio of technology and value-added solutions to the Swiss dental community.”

— Andrea Albertini, President of Henry Schein’s International Distribution Group