Portland-based veterinary products and services firm Covetrus Inc. has agreed to be taken private by a pair of private equity firms as part of a $4 billion deal.
The deal with Clayton, Dubilier & Rice, of New York City, and TPG Capital, of San Francisco, was announced early Wednesday. The management team leading Covetrus will remain, and the prospective new owners say they intend to keep the firm’s Portland headquarters.
“This transaction is an important milestone for our company, shareholders, employees, customers and partners,” Covetrus President and CEO Benjamin Wolin 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.”
Covetrus, which was partly founded in Maine as Vets First Choice, has grown to 5,700 employees worldwide. It provides office management, customer service and prescription technology for independent veterinary offices.
The company was formed in 2019 as a merger between Vets First Choice and Henry Schein Inc. It became Maine’s largest publicly traded company in terms of market capitalization when it debuted on the Nasdaq stock exchange that year.
This story will be updated.