Henry Schein has reached an agreement to acquire a 60% interest in BioHorizons, a U.S.-based manufacturer of advanced dental implants, advancing the company's goal of expanding its position in the dental specialty market.
Under the terms of the agreement, BioHorizons, with revenues of about $115 million, will continue to operate as an independent company. Financial terms of the proposed transaction were not disclosed.
The transaction with BioHorizons involves a two-step process: A recapitalization through which Henry Schein will lend approximately $145 million to BioHorizons to fund, among other uses, a distribution to shareholders, which will occur before the transaction closes, followed by the equity investment. Pending regulatory approval, Henry Schein expects to complete the transaction by the end of the year.
BioHorizons will continue to be led by its president and CEO, Steve Boggan, who has held that position since 1999.
