Covetrus, Inc.

Covetrus, Inc.

Covetrus, Inc.

Overview
Date Founded

2014

Headquarters

7 Custom House Street,Portland, ME 04101

Type of Company

Public

Employees (Worldwide)

5,500

Industries

Computer Software

Company Description

Covetrus, Inc. engages in developing technologies and services for animal health industry. It also provides products, software, and services to help drive improved patient health, strong client relationships, and successful financial outcomes for veterinary professionals. The company was founded by Benjamin J. Shaw in 2014 and is headquartered in Portland, ME.

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Executives & Employees

President, Chief Executive Officer & Director

Global Chief Financial Officer

Secretary, Senior Vice President & General Counsel

Chief People Officer

Chief Product Officer

President-North American Distribution Business

Executive Vice President & President, APAC & Emerging Markets

Executive Vice President & Chief Transformation Officer

Executive Vice President, Corporate Development

Executive Vice President

Board of Directors

Former Vice Chairman & Managing Partner of the New York at Ernst & Young LLP

Former Executive Vice President, Chief Financial Officer & Director at Henry Schein, Inc.

Partner at General Catalyst Partners LLC

Former Executive Vice President-Finance & Chief Financial Officer at Telephone & Data Systems, Inc.

Senior Advisor-Principal Investors & Private Equity at The Boston Consulting Group, Inc.

Vice Chair at Ernst & Young LLP

Investor at Broadway Angels

Partner at Clayton Dubilier & Rice LLC

Founder at Direct Vet Marketing, Inc.

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Covetrus, Inc.
Owners & Shareholders
Details Hidden

Freshford Capital's equity strategy focuses on a broad range of equity investment styles, including growth, core, and value. The firm employs a fundamental value investment strategy in which they seek to invest in asset-oriented securities they believe are undervalued by the market. Freshford Capital also engages in a capital growth investment strategy in which they seek to invest in securities of a company whose earnings they expect to grow at an above-average rate as compared to the company's specific industry or the overall market. The firm utilizes a variety of financial instruments such as derivatives, options, interest rate swaps, futures and forward contracts for risk management purposes.To maintain flexibility and profit, they engage in short selling strategies as a form of hedging to offset potential declines in long positions in similar securities. In addition, Freshford Capital pursues relative value strategies by taking long positions in securities believed to be undervalued and short positions in securities believed to be overvalued. Their investment program may employ the use of leverage.

Details Hidden

SCHF manages a global portfolio invested in different regions and assets by investing through third party managers and pursuing direct investments. They employ an approach that has its origins in the techniques of large foundations, trusts, and endowments as well as the more opportunistic and contrarian styles of leading family offices. SCHF draws on the practice of regular rebalancing: selling as relative values and returns rise for a given asset class or manager, and simultaneously buying other asset classes and investments with managers that they regard as comparatively undervalued. Like family offices, the Adviser incorporates an emphasis on absolute, rather than relative, returns. The firm employs a number of techniques to monitor, stress-test, and manage liquidity under a variety of different potential market conditions. Among these is a liquidity ladder at the portfolio level to understand the funds' liquidity positions over time. In constructing the funds' portfolios, SCHF assembles equities, debt, and real assets. Taken in different combinations, these assets form the primary asset classes (public equity, real estate, natural resources, uncorrelated strategies, private equity, and fixed income).

Details Hidden

KIG's equity selection philosophy is based on adopting a business owner mentality and adhering to a \"Margin of Safety\" principle. The firm looks to invest in industry leading, prudently capitalized (focus on use of leverage) companies that have a competitive advantage. They base their decision to buy, sell, or hold stocks on how the intrinsic value of the business compares to the market price of the stock instead of what others think the market or the economy is going to do. KIG's method of analysis is primarily fundamental and they rely heavily on their review of publicly available filings and other proprietary research. For fixed income, the firm believes that a quality bond portfolio, constructed and rebalanced to a thoughtful asset allocation, helps to mitigate risk by adding a low correlated asset class to equities. They try to carry out their investment approach by patiently bidding on bonds (municipal and corporate) owned by third party bond sellers and by their willingness to buy odd (smaller) lots of bonds, bonds selling at a premium, AMT bonds, and sinking fund bonds.

Recent Transactions
Details Hidden

Heska Corp. purchases Scil Animal Care Co. GmbH from Covetrus, Inc.

Details Hidden

Covetrus, Inc. raised money in a private placement transaction

Details Hidden

Direct Vet Marketing, Inc. purchases Henry Schein Animal Health from Henry Schein, Inc. resulting in a new company Covetrus, Inc.

Transaction Advisors
Legal Advisor

Advised onHeska Corp. purchases Scil Animal Care Co. GmbH from Covetrus, Inc.

Investment Advisor

Advised onHeska Corp. purchases Scil Animal Care Co. GmbH from Covetrus, Inc.

Legal Advisor

Advised onHeska Corp. purchases Scil Animal Care Co. GmbH from Covetrus, Inc.

Legal Advisor

Advised onHeska Corp. purchases Scil Animal Care Co. GmbH from Covetrus, Inc.

Legal Advisor

Advised onHeska Corp. purchases Scil Animal Care Co. GmbH from Covetrus, Inc.

Advisors & Consultants
Advisor

Chief Financial Officer & Principal Accounting Officer at Staples, Inc.

Advisor

President at Red Oak Sourcing

Advisor

Global President, Henry Schein Veterinary Solutions at Henry Schein, Inc.

Clients

Heart + Paw LLC engages in pet growing services. The company was founded on June 1, 2018 and is headquartered in DE.

Key Stats and Financials As of 2019
Market Capitalization
$1.7B
Total Enterprise Value
$2.57B
Earnings Per Share
$-9.52
Total Equity
$1.27B
Total Debt
$1.27B
EBITDAMargin
2.94%
EBITDA
$117M
Net Profit
$-1.02B
Revenue
$3.98B
Debt TEV
0.5x
TEVNet Income
-2.52x
Enterprise Value EBITDAOperating
21.19x
Enterprise Value Sales
0.65x
Non-Profit Donations & Grants
Suppliers
Merck & Co., Inc. Medical Support Services | Kenilworth, NJ

Merck & Co., Inc. , d.b.a. Merck Sharp & Dohme, MSD outside the United States and Canada, is an American pharmaceutical company and is one of the largest pharmaceutical companies in the world.

Bayer AG Medical Support Services | Leverkusen, Deu

Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech materials. As an innovation company, it sets trends in research-intensive areas. Bayer’s products and services are designed to benefit people and improve the quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and acts as a socially and ethically responsible corporate citizen. In fiscal year 2012, Bayer employed 110,500 people and had sales of €39.8 billion. Capital expenditures amounted to €2 billion, R&D expenses to €3 billion.

C.H. Boehringer Sohn AG & Co. KG Holding Companies | Ingelheim am Rhein, Germany

C.H. Boehringer Sohn AG & Co. KG is a holding company, with interests in the manufacturing of pharmaceutical products. It offers prescription drugs for the treatment of human respiratory, cardiovascular, gastrointestinal, and central nervous system diseases, including human immunodeficiency virus (HIV) infection and cancer. The company was founded on April 4, 1894 and is headquartered in Ingelheim am Rhein, Germany.

Competitors
Amazon.com, Inc. Retail: Other - Seattle, Washington

Amazon.com, Inc. engages in the provision of online retail shopping services. It operates through the following business segments: North America, International, and Amazon Web Services (AWS). The North America segment includes retail sales of consumer products and subscriptions through North America-focused websites such as www.amazon.com and www.amazon.ca. The International segment offers retail sales of consumer products and subscriptions through internationally-focused websites. The Amazon Web Services segment involves in the global sales of compute, storage, database, and AWS service offerings for start-ups, enterprises, government agencies, and academic institutions. The company was founded by Jeffrey P. Bezos in July 1994 and is headquartered in Seattle, WA.

Patterson Cos., Inc. Wholesale: Medical Supplies & Pharmaceuticals - St Paul, MN

Patterson Companies is an industry-leading specialty distributor serving the dental, veterinary and rehabilitation supply markets. Driven to meet the needs of healthcare professionals in these growing markets, Patterson provides a total-package approach to doing business. Our customers benefit from a diverse platform of products and services, as well as the convenience and peace of mind that come with relying on one trusted partner for everything they need.

AmerisourceBergen Corporation Wholesale: Consumer Non-Durables/Sundries - Chesterbrook, PA

AmerisourceBergen Corp. engages provision of pharmaceutical products and business solutions that improve access to care. It operates through the Pharmaceutical Distribution Services and Other segments. The Pharmaceutical Distribution Services segment distributes a comprehensive offering of brand-name, specialty brand-name & generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies & equipment, outsourced compounded sterile preparations, and related services to a wide variety of healthcare providers, including acute care hospitals and health systems, independent & chain retail pharmacies, mail order pharmacies, medical clinics, long-term care & alternate site pharmacies, and other customers. The Other segment focuses on global commercialization services and animal health and includes ABCS, World Courier, and MWI. The company is headquartered in Chesterbrook, PA.

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