MWI Veterinary Supply to purchase animal products company
MWI Veterinary Supply Inc. announced Aug. 29 that it was buying Arkansas-based animal health products company Ivesco Holdings for $67.5 million.
The transaction is expected to close by the end of 2013, subject to regulatory approval and other conditions. MWI expects the annual revenues from Ivesco to be approximately $400 million during the first year of ownership. The supply company also anticipates incurring about $1.2 million in acquisition-related expenses.
Founded in 1945, Ivesco sells more than 25,000 products and has over 6,000 customers who work in veterinary clinics; dealer retail stores; and at livestock operations that raise dairy and beef cattle, poultry, or swine. MWI sells pet and production animal products, including pharmaceuticals, vaccines, parasiticides, food, and equipment.
“Because the need for quality protein will increase substantially in a rapidly growing world, we are particularly excited about Ivesco’s complementary strength in production animal products and services,” said Jim Cleary, MWI president and CEO.
MWI agreed to buy Ivesco at “a small premium over net tangible assets,” Cleary said.