Henry Schein acquired Swiss dental distribution company Condor Dental to enhance the company’s ability to serve pan-European DSOs.
Henry Schein announced that it has signed an agreement to acquire Condor Dental Research Company SA, a privately held dental distribution company that serves dental general practitioners, specialists, and laboratories in Switzerland.
Since 2004, Henry Schein has served the Swiss dental implant market through Camlog Biotechnologies GmbH. It is a Global Oral Reconstruction Group member, a provider of dental implants, biomaterials, and oral reconstruction.
The addition of Condor Dental will expand Henry Schein’s entry into the Swiss market for its dental distribution business.
Condor Dental is based in Vouvry, Switzerland, and was established in 1978. Sales for 2021 were approximately $18 million, most of which were from dental consumable merchandise, with further revenue from the customization of dental practices and dental laboratory installations.
Once the transaction closes, Condor Dental will join Henry Schein’s International Distribution Group, and the business will continue to be led by Yves Mailliard, Condor’s chief operating officer.
“Condor offers a comprehensive product portfolio and has multiple opportunities for growth in one of Europe’s most attractive dental markets,” said Stanley M. Bergman, chairman of the board and chief executive officer of Henry Schein. “This transaction is a prime example of Henry Schein’s long-standing commitment to strategic acquisitions that allow us to better serve customers and broaden our wide selection of products and services that support the delivery of high-quality dental care.”
Henry Schein will acquire Condor Dental from MCCB Holding Sarl, a health care holding company that is wholly owned by the Libon family.
The transaction is expected to be neutral to Henry Schein’s 2022 diluted earnings per share and accretive. Financial terms were not disclosed.
“Condor Dental is a highly regarded company that has been serving dental professionals for more than 40 years and will nicely complement our European dental business,” said Andrea Albertini, president of Henry Schein’s International Distribution Group. “With the support of Henry Schein’s operational expertise, Condor Dental will be better resourced to strengthen its position in the marketplace and improve the level of services and solutions offered to dental practitioners. For Henry Schein, we will have a significant opportunity through this new partnership to expand our presence into Switzerland and to bring our comprehensive portfolio of technology and value-added solutions to the Swiss dental community.”