Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical practitioners, and Casa Schmidt S.A., a comprehensive provider of dental solutions for dental professionals in Spain and Portugal, announced today the creation of a joint venture to advance their mutual goal of helping health care professionals operate more efficient practices by providing new solutions and technologies for the ultimate benefit of patients.
The joint venture will operate in Spain and Portugal under the Henry Schein name. The new company will include Henry Schein’s comprehensive portfolio of business, clinical, technology, and supply chain solutions. It will also include all of Casa Schmidt’s lines of business including Schmidt Dental Solutions, a full-service distributor of dental products and services to dental offices, laboratories, universities, and hospitals in Spain and Portugal; Servimed, which provides technical support to dental practitioners and serves dental specialties, including oral surgeons and orthodontists; and Importación Dental Especialidades, a company that specializes in implantology and orthodontics.
Henry Schein will have majority ownership of the joint venture, with senior management from Henry Schein and Casa Schmidt serving on the management team. Henry Schein’s Juan M. Molina will serve as the Managing Director of the joint venture.
The transaction is subject to approval by Spain’s National Commission of Markets and Competition and is expected to close in the second quarter of 2020. Financial terms were not disclosed.
"We are delighted to enter into this joint venture with such a well-established partner," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. "Casa Schmidt has a rich history spanning more than 100 years of serving dental professionals in Spain and Portugal. We expect that Henry Schein España will offer an expanded array of products and services to current customers of both companies and deepen our penetration in these markets."
Casa Schmidt was founded in 1919 by Georg Schmidt and began operating as Schmidt Dental Solutions in 2019. The company has grown into a full-service dental distributor that today offers more than 55,000 consumable merchandise and dental products, including multiple product exclusives, and had more than €35 million in sales in 2019. Headquartered in Madrid, Casa Schmidt has nearly 240 employees and 19 locations.
"Operating as Casa Schmidt and more recently as Schmidt Dental Solutions, our company has continually grown to meet the unique and specialized needs of dental practitioners while also becoming one of the most highly regarded full-service dental distributors serving the dental market," stated Federico Schmidt Reparaz, Chief Executive Officer of Schmidt Dental Solutions. "Along with Henry Schein, the world leader in serving dental practices and dental laboratories, we look forward to the next chapter of customer service and growth as Henry Schein España."
Henry Schein has served dental professionals in Spain and Portugal since 1990 with a growing number of both branded and private-label products and services.
"We are delighted to be expanding our presence in Spain and Portugal along with Casa Schmidt and their dental solutions portfolio offering," said Andrea Albertini, President, EMEA Dental Distribution, Henry Schein. "With our combined resources, we will continue to help our customers understand and embrace the technology that is revolutionizing the dental profession by providing creative and relevant solutions to satisfy our customers’ rapidly changing needs."
About Henry Schein, Inc.
Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for health care professionals powered by a network of people and technology. With more than 19,000 Team Schein Members worldwide, the Company's network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that improve operational success and clinical outcomes. Our Business, Clinical, Technology, and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental laboratories, government and institutional healthcare clinics, as well as other alternate care sites.
Henry Schein operates through a centralized and automated distribution network, with a selection of more than 120,000 branded products and Henry Schein private-brand products in stock, as well as more than 180,000 additional products available as special-order items.
A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in Melville, N.Y., and has operations or affiliates in 31 countries. The Company's sales from continuing operations reached $10.0 billion in 2019, and have grown at a compound annual rate of approximately 13 percent since Henry Schein became a public company in 1995.
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