Covetrus

Covetrus, Inc. is an American company providing animal health products and related services.[6] Until 2019, it was the animal health business of Henry Schein, before being divested.[7][6] In 2021, the company ranked 593 on the Fortune 1000 list of the largest United States corporations by total revenue.[1]

Covetrus, Inc.
TypePublic
Nasdaq: CVET
IndustryAnimal health
HeadquartersPortland, Maine, US
Key people
Benjamin C. Wolin (President & CEO), Philip A. Laskawy (Chairman)
Revenue US$4,339 million (2021)[1]
US$ −69 million (2020)[2]
US$108 million (2020)[3]
Total assets US$3,496 million (2020)[4]
Total equity US$1,573 million (2020)[4]
Number of employees
5,500[5][1]
Websitecovetrus.com

History

In 2006, Henry Schein acquired NLS Animal Health, a privately held veterinary distribution business.[8][9]

In 2009, Henry Schein and Butler Animal Health Supply launched a joint venture Butler Schein Animal Health creating the largest veterinary sales and distribution company in the United States.[10]

In 2012, Henry Schein acquired Netherlands-based AUV Veterinary Services for approximately $40 million.[11][12]

In 2013, Butler Schein Animal Health was rebranded as Henry Schein Animal Health.[13][14]

In 2015, Scil Animal Care merged with Henry Schein Animal Health.[15][16]

In 2019, Henry Schein announced the spin-off of its animal health business. The spin-off was merged with Portland, Maine-based Vets First Choice and was called Covetrus.[17] The company became listed on the Nasdaq with Henry Schein shareholders owning about 63% of the company, and Vet First Choice shareholders owning about 37% of it.[17][18]

In 2021, online pet product retailer Chewy Inc. filed a lawsuit against Covetrus for allegedly illegally diverting potential purchases of pet medication and food away from Chewy and into sales for Covetrus.[19][20]

Products

Covetrus engages in the sale of animal health consumable goods to wholesale and retail customers.[21] Its products include supply chain services, software, and prescription management.[22] The company's software services business develops and provides veterinary practices with veterinary software systems including practice management software, data-driven applicants, and client communications tools.[22] The company operates primarily in North America, Europe, and Asia-Pacific.[21] 100,000 veterinary practices are served by Covetrus globally.[19]

References

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