Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care products and services to office-based dental and medical practitioners, announced an agreement to acquire S.I.N. Implant System, one of Brazil’s leading manufacturers of dental implants, pending regulatory approval.
With 2022 sales of approximately $61 million, S.I.N. is a growing provider of dental implants in Brazil. Henry Schein has served dental practitioners in Brazil since 2014, and the acquisition of S.I.N. will mark the Company’s entry into Brazil’s dental implant market.
Henry Schein will acquire S.I.N. from the Southern Cross Group, one of the largest independent private equity fund managers focused on Latin America. The transaction is subject to approval by Brazil’s Administrative Council for Economic Defense and is expected to close in the latter half of 2023. Henry Schein expects this transaction to be slightly dilutive to the Company’s 2023 non-GAAP earnings per share, primarily due to non-cash acquisition accounting adjustments for inventory, and to be accretive thereafter. Financial terms were not disclosed.
“The acquisition of S.I.N. represents the natural progression of our BOLD+1 Strategy to expand our fast-growing dental specialties businesses, where we have a proven track record of successful acquisitions resulting in profitable growth in addition to our internal growth,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “We are delighted to partner with S.I.N. and believe that through our combined resources, we will be well-positioned to address the growing demand for implants and bone regeneration products in both the developed and emerging markets. Brazil is one of the fastest-growing markets in the world for dental implants due to an increasing awareness of the importance of oral health, coupled with a large aging population.”
Based in São Paulo and founded in 2003, S.I.N. manufactures an extensive line of products to perform dental implant procedures and is focused on advancing the development of value-priced dental implants. S.I.N. recently expanded the distribution of its products into the United States and other international markets.
“By joining forces with Henry Schein, a world leader in dental products and related services, we will accelerate our growth in Brazil as well as advance our global expansion,” said Felipe Leonard, President of S.I.N., who will continue to lead the company once the acquisition is completed. “The S.I.N. team is inspired by the Henry Schein culture that we share and which supports sustainability and social responsibility. We look forward to a bright future together, full of opportunities to help our customers advance the practice of implant dentistry by delivering leading technology with a human touch.”
Once the transaction closes, S.I.N. will become a part of Henry Schein’s Global Oral Reconstruction Group. The group includes, among other businesses, BioHorizons, Camlog, Biotech Dental, and medentis medical, which collectively form a leading supplier of premium and value dental implant systems and restorative components with a comprehensive line of biologics products and digital solutions.
“S.I.N.’s portfolio of solutions is an excellent complement to our existing offering of oral reconstruction products and services,” said René Willi, CEO of Henry Schein’s Global Oral Reconstruction Group. “In addition, the Henry Schein and S.I.N. teams share a mutual commitment to offer customers tooth replacement solutions that are evidence-based and scientifically supported to help to improve the quality of life for patients. We look forward to welcoming the S.I.N. Implant System team to Henry Schein.”
Source: Company Press Release
