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04 Aug 2014 | Press Release

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Henry Schein takes a 50 per cent stake in Prime Practice

Mergers and Acquisitions

Henry Schein, Inc. (NASDAQ: HSIC), the world's largest provider of health care products and services to office-based dental, animal health and medical practitioners, announced today that it has signed an agreement to make a 50 percent equity investment in Prime Practice, a leading dental practice management services company based in Sydney, Australia, serving customers in Australia, New Zealand, Canada, United States and Singapore. The investment will strengthen Henry Schein's practice management services, offering customers new ways to build better dental practices. The transaction includes Practice Sales Search, the Company’s Dental Practice Brokerage Firm.

Prime Practice was founded in 1998 by Dr. Phillip Palmer and Dr. Michael Sernik, along with business partner Anita Roubicek, all of whom will continue to co-manage the company and hold the remaining ownership interest in Prime Practice.

Prime Practice offers dental practitioners and their staff innovative training techniques for optimizing the success of their practice. Through specially-designed educational workshops; onsite coaching and consulting; an online platform for video training; and Web-based reporting to measure and monitor results, Prime Practice helps practitioners implement practice management skills and strategies to increase their practice efficiency and productivity. In addition, Prime Practice also offers dental practice brokerage services through its Practice Sales Search subsidiary. Practice Sales Search offers web-based practice listings and traditional full-service practice brokerage services. Combined, Prime Practice and Practice Sales Search have 35 employees.

"Henry Schein and Prime Practice share a commitment to helping dental practitioners operate more efficient and successful practices," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein, Inc. "The expertise that the Prime Practice management team has in the dental markets it serves, coupled with the global resources and best practices that Henry Schein can offer to this new partnership, represent great news for the future growth of Prime Practice and Practice Sales Search, and exciting news for the customers we serve."

Henry Schein's new partnership with Prime Practice will build upon the company's existing practice management services offered in the Australia region through its leading dental distribution business in Australia, Henry Schein Halas, and its leading dental practice management software company, Software of Excellence. With dental, medical and animal health office-based practitioner customers in 27 countries, Henry Schein expects to further leverage the expertise of its newly combined partnership with Prime Practice and seek opportunities for expanding its practice management offering internationally.

"Henry Schein is the established leader in the global dental marketplace, with a compelling offering of products, technologies and value-added services," said Dr. Palmer. "By aligning with Henry Schein, we look forward to accelerating the growth trajectory of Prime Practice, further building upon our service offering and leveraging growth opportunities for Practice Sales Search, as the dentist practice brokerage market in Australia is far less developed than it is in other geographies."

Prime Practice offers practice owner workshops focused on boosting practice management and leadership skills; a 32-month "Management Program" to enhance communications skills and practice efficiency and productivity; and a "Master's Program" that offers access to "Prime Speak", a new, online platform developed by Prime Practice for helping practitioners improve their sales technique and patient rapport. In addition, more than 50 Short Courses are offered by Prime Practice each year across Australia and New Zealand for members of the Management and Master's Program, featuring instruction on buying and setting up a practice, best practices for phone skills, hygienist communication and development of team systems.

About Henry Schein, Inc.

Henry Schein, Inc. is the world's largest provider of health care products and services to office-based dental, animal health and medical practitioners. The Company also serves dental laboratories, government and institutional health care clinics, and other alternate care sites. A Fortune 500® Company and a member of the NASDAQ 100® Index, Henry Schein employs more than 17,000 Team Schein Members and serves more than 800,000 customers.

The Company offers a comprehensive selection of products and services, including value-added solutions for operating efficient practices and delivering high-quality care. Henry Schein operates through a centralized and automated distribution network, with a selection of more than 96,000 branded products and Henry Schein private-brand products in stock, as well as more than 110,000 additional products available as special-order items. The Company also offers its customers exclusive, innovative technology solutions, including practice management software and e-commerce solutions, as well as a broad range of financial services.

Headquartered in Melville, N.Y., Henry Schein has operations or affiliates in 27 countries. The Company's sales reached a record $9.6 billion in 2013, and have grown at a compound annual rate of approximately 16 percent since Henry Schein became a public company in 1995.

Note: Subsequent to the publication of this article, Henry Schein, Inc. did not complete its investment in Prime Practice. Instead, Henry Schein, Inc. and Prime Practice have formed a strategic alliance without the exchange of equity.

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