Portland-based veterinary technology and services company Covetrus has agreed to be bought by two private equity firms in a $4 billion deal announced Wednesday.
The prospective new owners, Clayton, Dubilier & Rice of New York City, and TPG Capital of San Francisco, plan to keep the Covetrus management team in place and maintain its headquarters in Portland, according to an announcement of the deal. The deal is expected to close in the second half of 2022.
“This transaction is an important milestone for our company, shareholders, employees, customers and partners,” Benjamin Wolin, Covetrus’ president and CEO, said in a statement. “Not only does this deal provide compelling value for our existing shareholders, it allows Covetrus to continue its mission to drive positive outcomes — both business and healthcare — for veterinarians across the globe. We appreciate CD&R’s support and their continued commitment to our company and the global veterinary community.”
Covetrus, which was formed in 2019 as a merger between Portland-based Vets First Choice and Henry Schein Inc., has more than 5,700 employees worldwide.