MWI to buy Micro Beef Technologies Ltd. assets
Sept. 21, 2011
by Meat&Poultry Staff
BOISE – MWI Veterinary Supply Inc. has entered into a definitive agreement to acquire all assets of Micro Beef Technologies Ltd. (MBT) for approximately $60 million, including approximately $53.4 million in cash and common stock valued at $6.6 million. The transaction is expected to close in MWI's first fiscal quarter of 2012, which ends Dec. 31.
Micro is distributor of feed additives, pharmaceuticals, vaccines, parasiticides, supplies and other animal-health products. It is a leading innovator of, computerized management systems for the production animal market. Based in Amarillo, Texas, the company generated revenues of approximately $193 million in 2010.
"We look forward to welcoming Micro, its team members and customers to MWI. The technology-based systems will enable MWI to enhance our customer service in the production animal market," said Jim Cleary, president and chief executive officer of MWI.
"I am proud of the accomplishments and contributions of Micro,” added Bill Pratt, chairman and founder of Micro. “At the same time, I am pleased at the opportunities that this acquisition will present for Micro to expand by using the resources of MWI and pursuing the many synergies presented in the combination of the two businesses."
"The synergies of the two companies will present exciting potential in a total solution to the production animal market by combining the technology-based programs and services from Micro with the well-established animal health distribution business of MWI," said Mark Shaw, president of Micro.
MWI is a leading distributor of animal health products to veterinarians across the US and United Kingdom. Products it sells include pharmaceuticals, vaccines, parasiticides, diagnostics, capital equipment, supplies, veterinary pet food and nutritional products.