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Millard Wallace Ickes acquires Micro Beef Technologies for $60m

Published: 20:01 21 Sep 2011 BST

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Millard Wallace Ickes Veterinary Supply (NASDAQ:MWIV) said on Wednesday that it has struck a cash-and-stock deal to purchase all the assets of Micro Beef Technologies for $60 million.

MWI Veterinary Supply said it would pay $53.4 million in cash and $6.6 million in stock to Micro Beef Technologies.
The company expects the transaction to add to earnings slightly by September 2012, after acquisition-related costs.

Micro Beef Technologies, founded in 1971, distributes live stock feed additives, vaccines, parasiticides and other animal health products. The Amarillo, Texas-based company had revenues of $193 million last year.

"The technology-based systems will enable MWI to enhance our customer service in the production animal market," Millard president and CEO, Jim Cleary, said in a statement Wednesday.

Founder of Micro Beef, Bill Pratt, added: "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 deal is expected to close by December, and is subject to anti-trust clearance and other closing conditions.

Boise, Idaho-based MWI Veterinary Supply also distributes animal health products. Its products are sold to veterinarians in the U.S. and the United Kingdom. The company had revenue of $1.23 billion during its last fiscal year.

Shares of MWI Veterinary Supply rose 8 cents to $69.87 Wednesday late afternoon on the Nasdaq.

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