LOS ANGELES--(BUSINESS WIRE)--VCA Antech, Inc. (NASDAQ Global Select Market: WOOF), a leading animal healthcare company in the United States, today announced the signing of a definitive purchase agreement with BrightHeart Veterinary Centers ("BrightHeart"). Under the agreement, VCA Antech, Inc. ("VCA") will acquire BrightHeart for approximately $50.0 million in cash. BrightHeart operates 9 animal hospitals with annual revenues of approximately $53.0 million, 8 of which focus on the delivery of specialty and emergency medicine and a very established general practice in Charlotte, North Carolina. On completion of the merger, the combined companies will operate approximately 540 animal hospitals in 41 states and Canada.
Bob Antin, Chairman and CEO of VCA Antech, Inc., stated, "This is a great combination because of our shared focus on the delivery of specialized care. The hospitals are located in areas where VCA has a market presence which will allow us the ability to increase our level of market recognition.”
Mr. Gino Volpacchio, President and CEO of BrightHeart, stated, “I am excited to join the VCA management team. The combination with VCA will complement BrightHeart’s focus in specialty medicine by providing us with vast resources of available training and technology.”
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the statements as to the expected growth, innovation and other benefits of the combination of the two companies, expected impact of the merger on net income and earnings per diluted share for each of 2011 and 2012, the anticipated timeframe for the closing, and whether the satisfaction of the closing conditions will be met and the merger consummated. Actual results may vary substantially as a result of a variety of factors. Among the important factors that could cause actual results to differ are: the ability of the companies to satisfy the conditions to the closing of the merger; the ability of the Company to obtain the consent of its lenders; the ability of the companies to consummate the merger; a material adverse change in the financial condition or operations of either company; the ability to successfully integrate the two companies and achieve expected operating synergies following the merger; the rate of the Company's laboratory internal revenue growth and animal hospital same-store revenue growth; the level of direct costs and the ability of the Company to maintain revenue at a level necessary to maintain expected operating margins; the level of selling, general and administrative costs; the effects of the Company's recent acquisitions and its ability to effectively manage its growth and achieve operating synergies; a continued decline in demand for some of the Company's products and services; any disruption in the Company's information technology systems or transportation networks; the effects of competition; any impairment in the carrying value of the Company's goodwill; changes in prevailing interest rates; the Company's ability to service its debt; and general economic conditions. These and other risk factors are discussed in the Company's periodic reports filed with the Securities and Exchange Commission, including the Company's Report on Form 10-K for the year ended December 31, 2010, and the reader is directed to these statements for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements.
VCA Antech, Inc. owns, operates and manages the largest networks of freestanding veterinary hospitals and veterinary-exclusive clinical laboratories in the country, and supplies diagnostic imaging equipment to the veterinary industry.