Gains new global defense and public-safety customers, and new portfolio of proprietary medical products

MELVILLE, N.Y., Jan. 23, 2019 /PRNewswire/ — Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care products and services to office-based dental, animal health, and medical practitioners, today announced the signing of a definitive agreement to acquire approximately 93 percent of North American Rescue (NAR), the leading provider of survivability and casualty-care medical products to the defense and public-safety markets.

Founded in 1996 by CEO Bob Castellani, NAR is headquartered in Greer, South Carolina, and has 105 full-time team members. With nearly 60% of its sales to the U.S. government, NAR generated record sales for the 12 months ended October 31, 2018, of approximately $184 million, reflecting a diversified portfolio of proprietary medical products. This transaction is expected to close in the first quarter of 2019, at which time Mr. Castellani will continue in his role as CEO. NAR will be integrated with Henry Schein Medical, the U.S. medical business of Henry Schein, Inc.

Henry Schein expects NAR will be neutral to the Company’s 2019 earnings per share and accretive thereafter. Financial terms were not disclosed.

“NAR is a successful, growing company with an exceptional team that has created the recognized leader in the markets the company serves,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “We are delighted to welcome Bob Castellani and NAR to Team Schein, and we look forward to expanding our Medical group’s geographic footprint, customer base, and product offering both in the U.S. and overseas. Furthermore, through this transaction, Henry Schein Medical will be well-positioned to benefit from a business with solid growth and attractive profit margins.”

NAR serves all branches of the U.S. military; various U.S. military departments and federal agencies; militaries of allied foreign countries; federal, state, and local law enforcement departments; emergency medical service providers and fire departments; and community preparedness organizations, including school districts and commercial and community centers. The company specializes in providing products to treat and overcome the three most common causes of preventable combat deaths, namely hemorrhaging, tension pneumothorax, and inadequate airway. NAR offers online education and training, which complements Henry Schein’s commitment to provide continuing education tailored to a customer’s specific needs.

“NAR offers a unique value proposition,” Mr. Bergman added. “The company’s ability to provide tailored, mission-enabling survivability products is critical to countering the rapidly evolving threats of the 21st century. We look forward to expanding our customer base, as well as to selling new, innovative, life-saving products and supplies that will keep us at the forefront of critically important military and civilian markets.”

This investment offers multiple areas for growth and potential business synergies for both NAR and Henry Schein Medical. For NAR, this includes the combined ability to expand market share in the growing public safety market place, as well as the ability to sell more Henry Schein Medical and Henry Schein-branded products through NAR’s existing channels. Additionally, NAR will have access to Henry Schein’s broad product offering. 

“NAR has enjoyed considerable business success over the past 20 years and our future is bright by having access to the resources, expertise, and global presence of Henry Schein,” said Mr. Castellani. “NAR is South Carolina-grown, and it is extremely gratifying to reinvest in our community and grow the local economy by retaining 100-plus NAR employees and by investing in the next year to increase capacity at our facilities.” 

Mr. Castellani also expressed his wishes to continue championing causes that seek solutions to a range of societal issues. This commitment mirrors that of Henry Schein, whose global corporate social responsibility program, Henry Schein Cares, works to “help health happen” for underserved communities around the world.

This entry was posted on Saturday, January 26th, 2019 at 08:20 and is filed under Industry, Medical, Press Release. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.