MWI Veterinary Supply Inc. announced Aug. 29 that it has entered into a definitive agreement to acquire substantially all of the assets of IVESCO Holdings LLC for an enterprise value of $67.5 million.
The transaction is subject to regulatory approval and certain other customary closing conditions and is expected to close in MWI's first fiscal quarter of 2014, which ends Dec. 31.
MWI said it expects the annual revenues from IVESCO to be approximately $400 million during the first 12 months of ownership.
Founded in 1945, IVESCO is a leading value-added distributor of animal health products in the U.S. IVESCO services mixed animal practice veterinarians, food animal producers and dealers. Headquartered in Springdale, Ark., IVESCO has a broad selection of inventoried products that include more than 25,000 discrete offerings sourced from more than 500 manufacturers and serves more than 6,000 active customers across its five business units (mixed animal practice veterinarians, swine integrators, dealers, poultry integrators and cattle).
MWI is a leading distributor of animal health products across the U.S. and the U.K. MWI sells both companion animal and production animal products including pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, supplies, pet food, capital equipment and nutritional products. MWI also is a provider of value-added services and technologies used by veterinarians and producers.