Vets First Choice will rebrand as Covetrus after merging with the animal health division of Henry Schein Inc.

Vets First Choice on Thursday announced a new name and executive leadership team for the new standalone public company that will result from its previously proposed merger with the animal health division of Henry Schein Inc.

The new company will be named Covetrus, which Vets First Choice breaks down in the news release in this manner: “‘Co-‘ highlights working together as partners, anchored by ‘vet’ at the center of what the company will do, and ‘-us’ reinforces the notion of a team of professionals who will serve as an extension of the veterinary practice.”

“It was important to create a new brand and new name that demonstrates our long-term commitment for veterinary practice customers to always be at the center of our business,” said Benjamin Shaw, who is Vets First Choice’s founder and CEO, and will become CEO of Covetrus. “Covetrus reflects the excitement around our unique capabilities and differentiated value proposition that this combined entity will deliver to veterinary customers across the globe.”

The new company, Covetrus, will be a global, technology-enabled animal health business supporting the pet, equine and large-animal veterinary markets. Covetrus’ products and services will include software designed for the management of veterinarian offices, prescription management, multi-channel client engagement services, and supply chain infrastructure.

Vets First Choice, which was founded in 2010 to provide technology solutions and back-end pharmacy services to veterinary practices throughout the country, first announced the planned merger in April. Henry Schein (Nasdaq: HSIC), a Fortune 500 company with $12.5 billion in 2017 revenue, will spin off its animal health division, which will retain its public status, and immediately merge with Vets First Choice. The transaction is expected to be completed in the first quarter of 2019.

If the merger closes, Covetrus will be based in Portland and will most likely instantly become Maine’s largest publicly traded company with more than $3.6 billion in pro forma revenue (based on 2017 numbers) and more than 5,000 employees spread across offices throughout the world. Vets First Choice says the new business will have approximately 100,000 customers spread across major geographic regions, including North America, Europe, Australasia and South America.

The majority of Covetrus’ revenue and headcount will come from Henry Schein Animal Health, which alone posted $3.5 billion in 2017 revenue. Vets First Choice, which is privately held, disclosed in its application to be included on the 2018 Inc. 5,000 list that its annual revenue in 2017 had grown to $157.5 million, which represents three-year growth of 248%. Vets First Choice employs roughly 800 people around the country, with the majority in Portland.

Covetrus will eventually be headquartered in the new $20 million building that Vets First Choice recently received approval to build in Portland.

Leadership Team Announced

As previously announced, Benjamin Shaw will become CEO of the combined company and serve on its board. The rest of Covetrus’ executive leadership team will include:

  • Christine T. Komola, Executive Vice President and Chief Financial Officer
  • Erin Powers Brennan, Senior Vice President, General Counsel and Secretary
  • Russell Cooke, Senior Vice President and Operational Chief Financial Officer
  • Francis X. Dirksmeier, Senior Vice President and President, North America
  • David Christopher Dollar, Senior Vice President and President, Software and Services
  • Michael Ellis, Senior Vice President and President, Europe
  • David Hinton, Senior Vice President and President, APAC and Emerging Markets
  • Timothy Ludlow, Senior Vice President and Chief Transformation Officer
  • Anthony Providenti, Senior Vice President, Corporate Development
  • Georgina Wraight, Senior Vice President and President, Vets First Choice
  • James Young, Senior Vice President and Chief Human Resources Officer

“This is an impressive and talented leadership team, and we are honored to lead this soon-to-be new independent organization,” said Shaw. “This executive team will ensure strong continuity of leadership across all lines of business and geography and includes new talent to facilitate a smooth transition into an independent public company. Importantly, our team is committed to meeting and exceeding the expectations of our customers.”