PSS World Medical Announces Agrees to Sell Specialty Dental Business
PSS World Medical (NASDAQ: PSSI) announced today that it has reached a definitive agreement for the sale of its specialty dental business to Beecken Petty O'Keefe & Company ("BPOC") for a sale price of $68 million. The transaction is expected to close in October 2012, following the satisfaction of regulatory licensing requirements and other closing conditions.
David M. Bronson, Executive Vice President and Chief Financial Officer, commented, "Through a comprehensive process, we identified a buyer for our specialty dental business that has significant healthcare expertise and investment capabilities to grow this business. The proceeds from this sale, which were at the high end of our expectations, will accelerate investments to drive long-term growth in our four focused verticals – Physician, Laboratory, Dispensing and Home Care & Hospice."
As a part of this transaction, PSS and BPOC have entered into certain agreements to ensure a seamless transition of customers and team members.
William Blair served as financial advisor for PSS World Medical.