Covetrus
American animal health company
From Wikipedia, the free encyclopedia
Covetrus, Inc. is an American company providing animal health products and related services.[6] Until 2019, it was the animal health business of VetsFirstChoice, and Henry Schein, before being divested.[7][6] In 2021, the company ranked 593 on the Fortune 1000 list of the largest United States corporations by total revenue.[1]
| |
| Company type | Private |
|---|---|
| Nasdaq: CVET | |
| Industry | Animal health |
| Headquarters | Portland, Maine, US |
Key people | |
| Revenue |  US$4,339 million (2021)[1] |
 US$ −69 million (2020)[2] | |
| US$108 million (2020)[3] | |
| Total assets | US$3,496 million (2020)[4] |
| Total equity | US$1,573 million (2020)[4] |
| Owner | Clayton, Dubilier & Rice |
Number of employees | 5,500[5][1] |
| Website | covetrus |
History
In 2006, Henry Schein acquired NLS Animal Health, a privately held veterinary distribution business.[8]
In 2009, Henry Schein and Butler Animal Health Supply launched a joint venture Butler Schein Animal Health creating the largest veterinary sales and distribution company in the United States.[9]
In 2012, Henry Schein acquired Netherlands-based AUV Veterinary Services for approximately $40 million.[10][11]
In 2013, Butler Schein Animal Health was rebranded as Henry Schein Animal Health.[12][13]
In 2015, Scil Animal Care merged with Henry Schein Animal Health.[14][15]
In 2016, Henry Schein acquired RxWorks, a provider of veterinary practice management software.[16][17]
In 2019, Henry Schein announced the spin-off of its animal health business. The spin-off was merged with Portland, Maine-based Vets First Choice and was called Covetrus.[18] The company became listed on the Nasdaq with Henry Schein shareholders owning about 63% of the company, and Vet First Choice shareholders owning about 37% of it.[18][19]
In 2021, online pet product retailer Chewy Inc. filed a lawsuit against Covetrus for allegedly illegally diverting potential purchases of pet medication and food away from Chewy and into sales for Covetrus.[20]
Privatization
On May 25, 2022, it was announced that Clayton, Dubilier & Rice and TPG Inc. would acquire the company for $4 billion.[21][22] The acquisition was finalized in October, 2022.[23]
Products
Covetrus engages in the sale of animal health consumable goods to wholesale and retail customers.[24] Its products include supply chain services, software, and prescription management.[25] The company's software services business develops and provides veterinary practices with veterinary software systems including practice management software, data-driven applicants, and client communications tools.[25] The company operates primarily in North America, Europe, and Asia-Pacific.[24] 100,000 veterinary practices are served by Covetrus globally.[20]