Patterson Companies
.svg?lang=en){kind=logo} | |
| Formerly | Patterson Dental Company |
|---|---|
| Company type | Private |
| |
| Industry | Dental equipment Veterinary pharmaceuticals |
| Founded | 1877 (Patterson Dental) in Milwaukee, Wisconsin |
| Founders |
|
| Headquarters | Mendota Heights, Minnesota, U.S. |
Key people |
|
| Revenue | $3.237 bil FY'10 4.6%[1] |
| $212.254 mil FY'106.3%[1] | |
| Total assets | $2,447.952 mil July'101%[2] |
| Total equity | $1,485.881 mil July'10 1%[2] |
| Owner | Patient Square Capital |
Number of employees | c. 7,600 (April 28, 2023) |
| Divisions | 18 sub, 3 div Patterson Dental Supply, Inc. Patterson Veterinary Supply, Inc. Animal Health International |
| Website | www |
Patterson Companies, Inc. is a value-added distributor that supplies products, software, equipment, technical service and business solutions for oral and animal health customers in North America and the U.K. The company was established in 1877 as a dental company. It entered the animal health industry in 2001 with its acquisition of Webster Veterinary (now Patterson Veterinary) and expanded with its 2015 acquisition of Animal Health International, Inc.
In 2008, it was noted as having one of the lowest debt ratios among companies in the health care sector.[3] Patterson was also a member of the Nasdaq-100 until December 10, 2010.[4]
On June 17, 2010, Patterson Medical purchased the rehabilitation part of Ireland-based DCC Healthcare (Days Healthcare, Physiomed and Ausmedic) in a move that increased Patterson Medical's revenue by 16.43% (US $70 million, fiscal year ended April 24, 2010). The new companies were added to its Homecraft Rolyan unit in the UK.[5]
In December 2024, Patient Square Capital agreed to acquire the company for $4.1 billion.[6] This acquisition was completed in April 2025.[7]
History
[edit]The company traces its roots to 1877 and a company named Patterson's Drugs & Prescriptions, opened in Milwaukee, Wisconsin, by brothers Myron Fayette (M.F.) and John F. Patterson.
M.F. saw a future in the dental products market and moved that portion of the business to St. Paul, Minnesota. The company was family-run for more than 100 years, which added consistency in adhering to its philosophies of honest business practices and exemplary customer service. M.F.'s son John and grandson, William, served as presidents.
During the Great Depression, William Oliver Patterson took over Patterson’s Gold Manufacturing Division, a time when gold was widely used for fillings as well as partial dentures. In 1935, Bill set up the gold division as a separate company called General Refineries in Minneapolis, Minnesota. Bill ensured the survival of the company, and Patterson was able to maintain its position in the dental industry while many suppliers closed or were forced to liquidate during World War II.
At one point during that time, records show as many as 100 Patterson employees enlisted in the armed services – a high number for what was then a small company. The impact meant realigning of sales territories, calling on customers every three to four weeks rather than weekly and encouraging dentists to order by mail or telephone – a concept that, at the time, was fairly revolutionary. Bill became the company’s third president in 1949, serving till 1965, seeing the company through the Great Depression, World War II and into the “modern” eras of the ’50s and ’60s.
The company remained focused on dental until the 21st century when it branched out into the veterinary supplies market through two large acquisitions, JA Webster in 2001 (92.5 million dollars)[8] and Animal Health International in 2014. For about 130 years it dealt only in dental supplies.[9][10] It began selling rehabilitation supplies in 2004 after acquiring Ability One Products Corporation followed by Medco the same year.[11]
It went public on the Nasdaq in 1992 with an IPO of around 480 million dollars.[12]
.png?lang=en)
Key dates and events
[edit]- April 30, 1985 - CEO Pete Frechette and CFO Ron Ezerski orchestrated a management buyback from Beatrice Foods, taking the company private and charting a course to modernization, expansion and diversification.
- 1987 - Acquired D.L. Saslow Co another major distributor
- 1993 - Started doing business outside of the US by purchasing Healthco Canada.
- 1997 - purchased software developer Eaglesoft Inc a company founded by Scott R. Kabbes. It later became Patterson Technology Center.[13]
- 2004 - CAESY Patient Education Systems was acquired. It is used by the company to provide information relating to treatment procedures for patients. As a subsidiary the company retained its name.
- July 2004 - was renamed Patterson Companies because by then it was not only in the business of dental equipment distribution, it also made software, served the veterinary market and supplied products for medical use. Until that time it was named Patterson Dental.
William Oliver Patterson led the company as President from 1949 to 1964. - Dec 2008 - Patterson acquires Dolphin Imaging and Management Solutions to enhance their software portfolio to include Dolphin's dental specialty treatment planning and practice management software.[14]
- April 2025 - Patterson Companies is acquired by Patient Square Capital, becoming privately held and no longer publicly traded on NASDAQ.
Business segments
[edit]Patterson Dental Supply, Patterson Veterinary Supply (formerly Webster Veterinary Supply) and Animal Health International (formerly Lextron and Walco) are core segments of Patterson Companies. Most are based in the United States, with Patterson Dentaire and Kane Veterinary Supplies in Canada and the NVS Group in the UK. Patterson Companies is headquartered in Mendota Heights, Minnesota; Patterson Veterinary and Animal Health International are headquartered in Loveland, Colorado, Kane Vet is headquartered in Edmonton, Alberta, Canada and The NVS Group is headquartered in Stoke-On-Trent, UK.[15]
Recent acquisitions
[edit]On 26 April 2021, Patterson Veterinary has agreed to a deal to buy Miller Vet Holdings, LLC's assets.[16] In 2023, Patterson Veterinary purchased ACT and RSVP: Relief Services for Veterinary Practitioners. In 2024, Patterson Veterinary purchased Mountain Vet Supply.
Criticism and controversy
[edit]FTP server data breach
[edit]In 2016, a security researcher named Justin Shafer found 22,000 patients data on an FTP Server owned by Patterson Dental. He was reportedly raided by the FBI. [17]
Animal welfare issues
[edit]In 2017, photographs captured by a former employee of a Texas blood bank that Patterson Veterinary distributed products from showed greyhounds under duress. According to The Washington Post, "Pet Blood Bank owner Shane Altizer did not deny that the images were taken there, but said they predated his 2015 purchase of the company or were “moment snapshots” unrepresentative of overall conditions now." A veterinarian who visited the facility earlier in the year said she found the dogs to be in satisfactory condition.[18] On its website, Patterson said it had "ceased doing business" with the blood bank, which subsequently closed.[19][20]
FTC antitrust
[edit]In 2019, the FTC ruled that Patterson Dental, Henry Schein, Inc., and Benco Dental violated antitrust law by refusing to compete for the business of buying groups by colluding with each other.[21]
On November 8, 2019 the FTC's website states: "Judge Chappell held that Benco Dental Supply Company and Patterson Companies, Inc. conspired to refuse to provide discounts to, or otherwise serve, buying groups representing dental practitioners. The judge dismissed the charges against the third respondent, Henry Schein, Inc. " [22]
References
[edit]- ^ a b "2010 fiscal year report page 3" (PDF). April 2010. Archived from the original (PDF) on 2011-07-10.
- ^ a b "Patterson Companies First Quarter 2010 Results" (PDF). 2010-08-26. Archived from the original (PDF) on 2011-07-10.
- ^ Financial Management:theory and practice
- ^ "Annual Changes to the NASDAQ-100 Index". 2010-12-10.
- ^ "Patterson Medical Acquires Rehabilitation Operating Units of DCC plc". 2010-06-17.
- ^ Jacob, Denny (December 11, 2024). "Patterson Cos to be Acquired by Patient Square in $4.1 Billion Deal". The Wall Street Journal.
- ^ "Patterson Companies Completes Acquisition by Patient Square Capital". Business Wire. Apr 22, 2025. Retrieved May 1, 2025.
- ^ Patterson Dental Company Acquires Third Largest Distributor
- ^ Dental Supplier Sinks Teeth Into New Sectors
- ^ Lextron Inc History
- ^ "Patterson Dental To Purchase Health Care Supplier". The New York Times. 2003-09-19.
- ^ Securities and Exchange Commission 10 k form Patterson Companies, Inc.
- ^ "Inside Patterson Dental". Dental Tribune. 2010-05-24.
- ^ "Patterson Companies Acquires World-Leading Providers of 3D Imaging and Practice Management Software for Specialized Dental Practitioners". www.businesswire.com. 2008-12-19. Retrieved 2020-11-03.
- ^ "Home - Delivering excellence in animal health". National Veterinary Services. Retrieved 2025-05-06.
- ^ "Patterson Veterinary Enters Agreement to Acquire Miller Vet Holdings". Financial Times. 26 April 2021. Retrieved 3 May 2021.
- ^ "FBI raids dental software researcher who discovered private patient data on public server". The Daily Dot. 2016-05-27.
- ^ Karin Brulliard, "Allegations of neglect at dog blood bank shine light on an unregulated industry," The Washington Post, 23 September 2017.
- ^ "Update Regarding Patterson Veterinary Supply and Recent PETA Allegations," Patterson Veterinary, 28 September 2017.
- ^ Karin Brulliard, "Dog Blood Bank Closes Following Allegations of Neglect," The Washington Post, 27 October 2017.
- ^ Judge D. Michael Chappell, "DOCKET NO. 9379," The Federal Trade Commission, 15 October 2019.
- ^ "Dental Products Distributors Benco Dental Supply Company, Patterson Companies, Inc. Decline to Appeal ALJ Decision, Making that Decision Final". Federal Trade Commission. 2019-11-08. Retrieved 2024-04-30.
External links
[edit]- Historical business data for Patterson Companies, Inc.:
- SEC filings
