Large Practice Sales focuses on larger and more specialized dental practices nationwide, complementing Henry Schein’s Dental Practice Transitions business
Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care products and solutions to office-based dental and medical practitioners, today announced the acquisition of a majority ownership interest in Large Practice Sales LLC (LPS), a leading advisor to independent dental practices on their sale or partnership with larger general practice and dental specialists.
Headquartered in Irving, Texas, LPS had 2022 net sales of approximately $40 million. Henry Schein expects the LPS transaction to be neutral to 2023 non-GAAP diluted earnings per share and accretive thereafter. Financial terms were not disclosed.
“LPS is complementary to our existing Dental Practice Transition business and commitment to provide value-added services to our customers,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein, Inc. “For many years, we have had a successful practice transitions group dedicated to assisting smaller and mid-sized dental practices. By combining our expertise, we can effectively meet the needs of a broader range of dental professionals and ensure their success throughout the transition process.”
Joining Henry Schein from LPS are co-founders Chip Fichtner, who will remain as Head of Development, and Matt Wilkins, who will continue in his role of Head of Operations and Transaction Execution. Mr. Fichtner and Mr. Wilkins will hold a minority ownership interest in the business, along with other key members of LPS’s management team.
“Henry Schein is the premier brand within the U.S. dental profession, with widespread recognition among general practice dentists and specialty practitioners alike. LPS has enjoyed rapid growth since our inception seven years ago, and this combination with Henry Schein is the logical next step to accelerate our reach and enhance our mutual success,” said Mr. Fichtner.
“We pride ourselves on bringing creativity to the table in structuring win-win solutions, offering dentists the flexibility to continue leading their practice, retain an equity stake in their business, and maintain their practice's brand, culture, and autonomy,” said Mr. Wilkins. “We typically represent dental professionals eager for a strategic partnership to help grow and scale their practices. This shared commitment to customer success tightly aligns LPS and Henry Schein.”
Jefferies LLC served as financial advisor to LPS.
About Henry Schein, Inc.
Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for health care professionals powered by a network of people and technology. With more than 22,000 Team Schein Members worldwide, the Company's network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that help improve operational success and clinical outcomes. Our Business, Clinical, Technology, and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental laboratories, government and institutional health care clinics, as well as other alternate care sites.
Henry Schein operates through a centralized and automated distribution network, with a selection of more than 300,000 branded products and Henry Schein private-brand products in our distribution centers.
A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in Melville, N.Y., and has operations or affiliates in 32 countries and territories. The Company's sales reached $12.6 billion in 2022, and have grown at a compound annual rate of approximately 12.1 percent since Henry Schein became a public company in 1995.
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“By combining the expertise of Henry Schein and LPS, we can effectively meet the needs of a broader range of dental professionals and ensure their success throughout the transition process,” said Stan Bergman, CEO, Henry Schein.
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