M&A · Healthcare · Wholesale-Medical, Dental & Hospital Equipment & Supplies
Patient Square Capital to acquire Patterson Companies, Inc.
Announced Dec 11, 2024 · Closed Apr 17, 2025
Deal value$4.10BEV $3.06B
Premium36.0%To unaffected price
EV / Adj. EBITDA9.2x0.5x EV / Revenue
ConsiderationAll cash$31.35 per share
Transaction
- Acquirer
- Patient Square Capital
- Target
- Patterson Companies, Inc. (PDCO)
- Buyer type
- Private equity
- Offer price per share
- $31.35
- Enterprise value
- $3.06B
- Status
- Closed Apr 17, 2025
Deal protections
- Break fee (target pays)
- $111M · 2.7%
- Reverse fee (buyer pays)
- $222M · 5.4%
- Go-shop
- No-shop
- Financing
- Committed · UBS, Citigroup, Wells Fargo
Advisors
- To the acquirer
- Citigroup, UBS, Wells Fargo
- To the target
- Guggenheim
Sector context · Healthcare
- Comparable deals
- 92 in the prior 24 months
- Premium
- 36.0% vs. 67.0% sector median
- EV / Adj. EBITDA
- 9.2x vs. 17.1x sector median
- Break fee
- 2.7% vs. 3.5% sector median
Timeline
- AnnouncedDec 11, 2024
- Proxy filedJan 24, 2025
- Definitive proxyFeb 27, 2025
- Shareholder voteApr 1, 2025
- ClosedApr 17, 2025