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Patterson Companies completes sale of medical business for $715 million

Staff writer |
Patterson Companies has completed the sale of its medical business to Madison Dearborn Partners (MDP). Under the terms of the agreement, MDP, a Chicago-based private equity firm, is paying Patterson Companies gross proceeds of approximately $715 million in cash.

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Scott P. Anderson, chairman and chief executive officer of Patterson Companies, commented, "The sale of the medical business accomplishes a key component of Patterson's strategic transformation.

We are now well-positioned to focus on developing our highly synergistic dental and animal health businesses, accelerating return on our investments and delivering shareholder value."

Patterson intends to apply the proceeds from the sale of its medical unit to reduce the debt it incurred to fund the acquisition of Animal Health International, Inc.

Patterson Companies announced in July a definitive agreement to sell Patterson Medical to MDP. Earlier this year, the company announced that it had retained BofA Merrill Lynch to explore the potential sale of the medical business.

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