Patterson Companies, Inc. (Nasdaq: PDCO), today announced that it has, through a subsidiary, signed an agreement to acquire substantially all of the assets of Dairy Tech, Inc., a Colorado-based company that provides pasteurizing equipment and single-use bags that allow dairy producers to produce, store and feed colostrum for newborn calves, as well as product offerings for beef cattle producers. Upon closing, the acquisition will expand Patterson Animal Health’s value-add platform by adding these products and solutions to their suite of offerings.
Dairy Tech is a privately held company founded in 1999. The acquired business will maintain its domestic and international commercial presence, enhanced by Patterson’s extensive sales force and customer relationships, with integration of Dairy Tech employees into the Patterson Animal Health team.
According to Kevin Pohlman, president of Patterson Animal Health, “Dairy Tech’s colostrum management offerings, strong brand reputation and international presence and capabilities are very attractive to Patterson Animal Health. These attributes align well with our vision of being an indispensable partner for our customers. This acquisition also illustrates Patterson’s focus on making strategic investments to drive profitable growth and create shareholder value.”
Dairy Tech founder and CEO, Dr. Rick Dumm, stated, “We are excited about joining the Patterson Animal Health team and continuing to build on Dairy Tech’s success as part of Patterson. We have long admired Patterson Animal Health as a leading value-add provider to the production animal market.”
Steve Cunningham, president of Patterson’s Production Animal division, added that “Dairy Tech’s innovative calf management program, along with their highly talented team members, will bring significant value to our dairy and beef customers. We welcome our new colleagues to the Patterson team and look forward to continued success together.”
Terms of the transaction are not being disclosed. Patterson expects to close the transaction during its third fiscal quarter of FY2023.
About Patterson Companies Inc.
Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. Our comprehensive portfolio, distribution network and supply chain are equaled only by our dedicated, knowledgeable people who deliver unrivaled expertise and unmatched customer service and support.
