Patterson Firms is shifting nearer to changing into a personal firm after its shareholders accepted its acquisition by funding agency Affected person Sq. Capital at a particular assembly on Tuesday.
“The Patterson crew is happy about this partnership with Affected person Sq. Capital and starting our subsequent chapter as a personal firm,” mentioned Don Zurbay, Patterson’s president and chief government officer.
The approval follows a merger settlement dated Dec. 10, underneath which Affected person Sq. Capital will purchase Patterson in an all-cash transaction valued at roughly $4.1 billion. The deal presents Patterson shareholders $31.35 per share of frequent inventory. Affected person Sq. Capital had about $12 billion in belongings underneath administration as of Dec. 31.
Patterson expects the transaction to shut later this month. Upon completion, the corporate will turn out to be privately held, and its frequent inventory will not be traded on the Nasdaq World Choose Market.
Non-public fairness pattern
Non-public fairness companies proceed to consolidate the U.S. healthcare providers market, together with dental laboratories, clinics and gear suppliers akin to Patterson. Final 12 months, Steris, an American-Irish medical gear firm specializing in sterilization and surgical merchandise, bought its dental phase, HuFriedyGroup, to non-public fairness agency Peak Rock Capital in a $787.5-million deal. KKR & Co. final 12 months additionally grew to become the largest non-index fund shareholder in Henry Schein, taking a 12 per cent stake with the choice to extend it to just about 15 per cent.
Non-public traders are drawn to healthcare acquisitions for his or her potential operational efficiencies, market enlargement alternatives and synergies throughout acquired companies.
“We imagine this collaboration will allow us to proceed investing in serving our clients and our enterprise, speed up our development, and be well-positioned to attain our strategic priorities,” Zurbay mentioned.
