Covetrus

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Covetrus, Inc.
TypePublic
Nasdaq: CVET
IndustryAnimal health
HeadquartersPortland, Maine, US
Key people
Benjamin C. Wolin (President & CEO), Philip A. Laskawy (Chairman)
RevenueIncrease US$4,339 million (2021)[1]
Decrease US$ −69 million (2020)[2]
Increase US$108 million (2020)[3]
Total assetsIncrease US$3,496 million (2020)[4]
Total equityIncrease US$1,573 million (2020)[4]
Number of employees
5,500[5][1]
Websitecovetrus.com

Covetrus, Inc. is an American company providing animal health products and related services.[6] Until 2019, it was the animal health business of 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]

History[]

In 2006, Henry Schein acquired NLS Animal Health, a privately held veterinary distribution business.[8][9]

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.[10]

In 2012, Henry Schein acquired Netherlands-based AUV Veterinary Services for approximately $40 million.[11][12]

In 2013, Butler Schein Animal Health was rebranded as Henry Schein Animal Health.[13][14]

In 2015, Scil Animal Care merged with Henry Schein Animal Health.[15][16]

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.[17] 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.[17][18]

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.[19][20]

Products[]

Covetrus engages in the sale of animal health consumable goods to wholesale and retail customers.[21] Its products include supply chain services, software, and prescription management.[22] 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.[22] The company operates primarily in North America, Europe, and Asia-Pacific.[21] 100,000 veterinary practices are served by Covetrus globally.[19]

References[]

  1. ^ a b c "Covetrus | 2021 Fortune 500".
  2. ^ "Covetrus (CVET) Operating Income".
  3. ^ "Covetrus Reports Fourth Quarter and Full-Year 2020 Financial Results | Covetrus".
  4. ^ a b "CVET | Covetrus Inc. Annual Balance Sheet - WSJ".
  5. ^ https://covetrus.com/
  6. ^ a b "Henry Schein to Spin off and Merge Animal Health Business". Forbes.
  7. ^ "Global M&A by the Numbers: Q3 2021".
  8. ^ "Communication pearls for dogs with disabilities".
  9. ^ https://www.bizjournals.com/baltimore/stories/2006/04/03/daily26.html[bare URL]
  10. ^ "Press Release".
  11. ^ "Henry Schein Completes AUV Acquisition".
  12. ^ "Henry Schein to Purchase European Veterinary Wholesaler". 11 April 2012.
  13. ^ "Butler Schein Animal Health Becomes Henry Schein Animal Health". 19 March 2013.
  14. ^ "Butler Schein Animal Health to Become Henry Schein Animal Health | Henry Schein".
  15. ^ "Henry Schein to Purchase Scil Animal Care". 22 January 2015.
  16. ^ "LI company acquires animal health business".
  17. ^ a b "Henry Schein to spin off, merge its animal health business with start-up". CNBC. 23 April 2018.
  18. ^ "Covetrus answers bell as new public company". 9 February 2019.
  19. ^ a b https://www.mainebiz.biz/article/e-tailer-chewy-sues-covetrus-results-may-change-how-you-get-rx-for-rex-food-for-fido
  20. ^ "Chewy picks legal dogfight as it makes aggressive push into the pet meds market". 10 October 2021.
  21. ^ a b "Covetrus, Inc. (CVET) Firmenprofil und Fakten – Yahoo Finanzen".
  22. ^ a b "CVET.O - Covetrus Inc Profile | Reuters". Reuters.

External links[]

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