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Covetrus

Covetrus is a global, technology-enabled animal health company that provides software, services, and supply chain solutions to veterinary practices, focusing on companion, equine, and large-animal markets to drive improved clinical and financial outcomes. The company was formed in 2019 through the merger of Henry Schein Animal Health—a distributor with roots tracing back over 60 years in animal health products—and Vets First Choice, a veterinary software and telehealth provider founded in 2010. This combination created a comprehensive platform integrating practice management software, inventory and distribution services, prescription management, and compounding pharmacy capabilities. Covetrus's core offerings revolve around the Covetrus Platform, which includes workflow optimization tools, an online pharmacy for pet owners, client engagement features to boost retention, and partnerships for cost-effective supplies. It also operates Covetrus VetSuite, a practice improvement network adopted by over 3,000 veterinary practices as of September 2025 to enhance productivity, revenue, and patient care efficiency. The company's solutions emphasize putting veterinarians at the center, streamlining operations from diagnostics to client communications across its global operations. Headquartered in Portland, Maine, Covetrus transitioned to private ownership in October 2022 following its acquisition by private equity firms Clayton, Dubilier & Rice (CD&R) and TPG Capital in a transaction valued at approximately $4 billion. Under this structure, Covetrus continues to innovate in veterinary technology, leveraging CD&R's and TPG's expertise in healthcare and services to expand its reach and product development.

Company Overview

Corporate Profile

Covetrus is a private company founded in 2019 through the spin-off of Henry Schein's animal health division and its merger with Vets First Choice, with headquarters in Portland, Maine, United States. The firm focuses on the animal health sector, delivering technology-enabled products and services—including veterinary practice management software, prescription fulfillment, and integrated supply chain solutions—to support companion, equine, and large-animal veterinary markets. It serves more than 100,000 veterinary practices across more than 20 countries worldwide. In October 2022, Covetrus was acquired by private equity firms Clayton, Dubilier & Rice (CD&R) and TPG in a transaction valued at approximately $4 billion, transitioning it to private ownership with these investors holding the majority stake. This shift has supported ongoing investments in technology and distribution infrastructure to enhance operational efficiency. As of 2024, Covetrus employs more than 5,700 people globally and generated revenue of $4.58 billion in 2021, reflecting its scale prior to privatization; post-acquisition trends indicate continued expansion, with revenue reaching $4.7 billion in 2024. In 2021, the company ranked 643 on the Fortune 1000 list of largest U.S. corporations by revenue. Covetrus's core business centers on empowering veterinary professionals through integrated technology platforms and supply networks, with a mission to drive improved financial and clinical outcomes that ultimately enhance animal health.

Leadership and Governance

As of 2025, Benjamin Wolin serves as President and Chief Executive Officer of Covetrus, a role he has held since his promotion in 2020 following an interim period starting in late 2019. Wolin brings extensive experience in digital health and technology, having previously served as CEO and co-founder of Everyday Health, Inc., where he led the development of consumer-facing health platforms over 14 years; he holds a BA in History from Bowdoin College. The executive team includes key leaders overseeing financial, operational, and segment-specific functions. Nicholas Jansen is Global Chief Financial Officer, managing investor relations and financial strategy with a background of over 12 years as a research analyst at Raymond James and an MBA from the University of Florida. Bill Ng, appointed Chief Operating Officer in September 2024, directs North American operations, including distribution and supply chain, drawing from more than a decade in financial markets at firms like Goldman Sachs and leadership roles at McKesson Corporation; he earned a BS from Columbia University. For the software and technology segment, Scot Gillespie serves as Chief Product and Technology Officer, responsible for product development and tech infrastructure, with over 15 years in technology leadership at companies such as Salesforce and Grainger, plus an MBA from Northwestern University. Additional key members include Amy Sanford as Global General Counsel and Chief Human Resources Officer since February 2024. Following its privatization in October 2022 by funds affiliated with Clayton, Dubilier & Rice (CD&R) and TPG, Covetrus's board of directors is composed primarily of representatives from these private equity firms, reflecting a governance structure aimed at enhancing operational efficiency and long-term value creation. Phil Knisely, a Partner at CD&R, chairs the board, alongside other CD&R partners Ravi Sachdev and Sarah Kim, and TPG Co-Managing Partner Jeff Rhodes, emphasizing strategic oversight from investors with expertise in healthcare and technology sectors. This composition supports focused decision-making post-public listing, with the management team, including CEO Wolin, continuing in leadership roles to ensure continuity. Covetrus's governance practices prioritize environmental, social, and governance (ESG) initiatives tailored to the animal health industry, including commitments to inclusion and diversity announced in 2020 to foster a more equitable workforce and support underrepresented groups in veterinary professions. The company maintains rigorous compliance with veterinary regulations, offering resources such as the Express 222 system for secure controlled substance ordering in line with DEA requirements and comprehensive OSHA compliance tools for practice safety. Since privatization, governance has driven strategic shifts toward digital transformation, advancing the Covetrus platform to integrate software solutions with supply chain services, thereby improving clinical and financial outcomes for veterinarians without the constraints of public market pressures.

History

Origins Under Henry Schein

The origins of Covetrus trace back to the animal health division of Henry Schein, Inc., which began expanding its veterinary distribution capabilities in the mid-2000s. In 2006, Henry Schein acquired NLS Animal Health, a privately held, full-service veterinary distribution business based in Owings Mills, Maryland, that specialized in supplying pharmaceuticals, equipment, and supplies to veterinary practices across the United States. This acquisition marked Henry Schein's entry into the companion animal health market, building on its existing distribution expertise in human health care to address growing demand in veterinary services. NLS had previously expanded through the 1999 acquisition of Sunbelt Veterinary Supply, enhancing its regional footprint in the Southeast before the deal with Henry Schein. Key milestones in the subsequent years solidified the division's position as a leading player. In November 2009, Henry Schein and Butler Animal Health Supply, LLC—a major U.S. distributor founded in 1953—announced a joint venture that combined their operations into Butler Schein Animal Health, creating the largest veterinary sales and marketing organization in North America at the time. The transaction closed on December 31, 2009, with Henry Schein holding a majority stake, and the new entity focused on streamlining supply chains for companion animal products while generating combined annual sales exceeding $1 billion. This partnership accelerated growth by integrating Butler's established network of over 20 distribution centers with Henry Schein's global logistics. In 2012, the division further expanded internationally by acquiring AUV Veterinary Services B.V., a leading distributor in the Netherlands and Belgium, for approximately $40 million; the deal, completed in May, bolstered European operations and added $270 million in annual sales from animal health products. By 2013, the joint venture underwent a full rebranding to Henry Schein Animal Health, unifying branding across its U.S. and international businesses to emphasize integrated solutions for veterinary practitioners. The growth phase continued with strategic enhancements in diagnostics and technology. In April 2015, Henry Schein completed the acquisition of scil animal care company, a global provider of in-clinic diagnostic equipment and services, which expanded the portfolio to include veterinary imaging and laboratory solutions across North America and Europe. This move strengthened the division's ability to offer end-to-end support, from supplies to advanced diagnostics, serving over 50,000 veterinary practices. In February 2016, Henry Schein acquired RxWorks, Inc., a provider of cloud-based veterinary practice management software, enhancing digital tools for scheduling, inventory, and client communication—capabilities that later informed broader software integrations. By 2018, Henry Schein Animal Health had evolved into a major global distributor of animal health products, operating extensive supply chains that served veterinary markets in North America and Europe with pharmaceuticals, equipment, diagnostics, and consumables. The division's expansions through acquisitions and partnerships had positioned it as a comprehensive partner for practices, emphasizing efficiency and innovation in animal care delivery.

Spin-off and Public Listing

In February 2019, Covetrus, Inc. was established as an independent entity through the spin-off of Henry Schein's animal health business and its merger with Vets First Choice, a Portland, Maine-based veterinary technology company. The transaction, announced in late 2018, was completed on February 7, 2019, with Henry Schein distributing 60.4 million shares of Covetrus common stock to its shareholders at a ratio of 0.4 shares of Covetrus for every share of Henry Schein held as of the record date. This separation allowed Covetrus to operate autonomously, combining the strengths of both entities to serve the global veterinary market. Covetrus common stock began trading on the Nasdaq Global Select Market under the ticker symbol "CVET" on February 8, 2019, following a period of when-issued trading that started on February 4. Shares opened around $36, reflecting an initial market capitalization of approximately $4 billion based on 111 million shares outstanding at the time. The listing marked Covetrus as a standalone public company focused on animal health technology and services, with pro forma net sales of about $3.7 billion for 2017 from the combined operations. This public debut positioned Covetrus to access capital markets for growth while retaining a robust supply chain inherited from Henry Schein. As an independent entity, Covetrus's early strategy emphasized integrating Vets First Choice's prescription management platform and client engagement tools with Henry Schein's established supply chain and distribution infrastructure, aiming to streamline veterinary workflows and enhance multi-channel services for practices. The company also targeted expansion in the Asia-Pacific region, building on the regional operations acquired through the spin-off, including partnerships like Provet in Australia and New Zealand, to broaden its technology-enabled solutions for companion and large-animal markets. This integration sought to create a unified platform supporting over 100,000 veterinary customers globally. Covetrus encountered initial challenges as a public company, including stock market volatility that saw its share price peak at $46.19 shortly after listing before declining amid broader economic pressures. In Q3 2019, Covetrus recorded a $939 million goodwill impairment charge due to integration challenges, resulting in a net loss of $906 million for the quarter. In 2020, the global COVID-19 pandemic exacerbated these issues, disrupting veterinary operations while increasing demand for remote software solutions; Covetrus responded by prioritizing its practice management and telemedicine tools to help clinics adapt to lockdowns and supply chain interruptions. In April 2020, Covetrus divested its scil animal care business to Heska for $110 million. Despite these hurdles, the company reported organic net sales growth in North America and maintained focus on technology-driven efficiencies.

Privatization and Post-2022 Developments

In May 2022, Covetrus entered into an agreement to be acquired by funds affiliated with Clayton, Dubilier & Rice (CD&R) and TPG Capital at an enterprise valuation of approximately $4 billion, with shareholders receiving $21.00 per share in cash. The transaction was completed on October 13, 2022, resulting in Covetrus becoming a privately held company and its common stock being delisted from the Nasdaq Global Select Market. The shift to private ownership enabled Covetrus to prioritize long-term investments in technology capabilities, product innovation, and supply chain enhancements to better support veterinary practices globally. Executive leadership remained stable, with Benjamin Wolin continuing as President and Chief Executive Officer to guide the company under its new equity partners. Following privatization, Covetrus emphasized operational efficiencies in 2023, notably through the expansion of its cloud-based veterinary operating system, Pulse, which consolidated practice management tools to save time and improve workflows for veterinarians. In 2025, the company sold its SmartPak Equine LLC business—rebranded as SmartEquine earlier that year—to Chewy Inc. in an all-cash transaction expected to close by year-end, allowing Covetrus to refine its focus on core veterinary technology and services. Private equity strategies have supported ongoing global scaling efforts, integrating operational improvements across regions. Looking ahead, Covetrus has intensified its strategic emphasis on AI-driven veterinary tools, such as workflow automation features in Pulse that streamline diagnostics and patient care, alongside commitments to sustainability in animal health supply chains to address climate impacts on veterinary practices.

Products and Services

Software and Technology Solutions

Covetrus offers a suite of software solutions designed to enhance veterinary practice efficiency, including cloud-based practice management systems and prescription tools. Central to its technology segment is Covetrus Pulse, an all-in-one veterinary operating system (vOS) that unifies workflows, medical records, scheduling, and client communications in a cloud-based platform accessible from any location. This system integrates with diagnostics, payments, and other tools to streamline operations, allowing practices to track patient status in real-time and automate reminders for appointments and follow-ups. Legacy products such as AVImark and ImproMed, acquired during Covetrus's origins under Henry Schein, complement Pulse by providing specialized functionalities for established practices. AVImark serves as an integrated clinical tool with centralized client and patient data, automated workflows for prescriptions and inventory tracking via CUBEX integration, and support for client communications including telemedicine features. ImproMed focuses on inventory management with cloud-based tracking to reduce waste and costs, alongside billing automation that syncs prescriptions to medical records and over 250 customizable reports for business insights. Prescription management is facilitated through vRxPro, a turnkey e-prescribing solution that integrates with practice management software to simplify digital script creation, online ordering, and home delivery via an online pharmacy platform derived from the Vets First Choice acquisition. This tool supports remote consultations by embedding secure video teleconferencing capabilities across Covetrus's portfolio, enabling telemedicine for follow-ups and compliance monitoring while writing prescriptions back to patient records. Covetrus has incorporated AI-driven innovations to optimize inventory and patient records, particularly within Pulse, where ambient listening generates SOAP notes automatically and pre-appointment summaries pull key insights from medical histories to save veterinarians over six hours weekly. These features, including real-time treatment boards for collaborative updates, integrate with diagnostic equipment for seamless data flow, enhancing accuracy in records and inventory analytics. Adopted by more than 17,000 veterinary practices, these software subscriptions have formed a key revenue stream since the 2019 merger, supporting recurring income through cloud-based models.

Supply Chain and Consumables

Covetrus's supply chain operations center on the distribution of essential veterinary products, including pharmaceuticals, vaccines, diagnostic tools, medical equipment, and consumables such as surgical supplies, gloves, and sutures tailored for companion animals like dogs and cats as well as large animals like horses and livestock. The company maintains a comprehensive catalog exceeding 22,000 items, encompassing FDA-approved prescription medications, over-the-counter wellness products, and specialized items like antibacterials and identification tags to support routine and emergency care in veterinary practices. These offerings emphasize reliability and quality, enabling veterinarians to address diverse needs from preventive care to surgical interventions without supply disruptions. The supply chain model relies on a network of strategically located distribution centers across North America to facilitate efficient logistics and just-in-time delivery to veterinary practices. Key facilities include centers in Columbus, Ohio; Grimes, Iowa (opened in 2024 to serve the Midwest with over 5,000 products); Ocala, Florida (expanded in 2023 for the Southeast); Albany, New York; Duluth, Georgia; Colonial Heights, Virginia; and Southaven, Mississippi, allowing for rapid fulfillment and regional coverage. Covetrus employs an eCommerce platform for streamlined ordering, competitive pricing, and next-day delivery options, minimizing inventory holding costs for customers while ensuring product availability. Partnerships with trusted manufacturers, such as exclusive distribution agreements for brands like Mars Petcare's GREENIES dental treats and collaborations with KRUUSE and Veterinary Instrumentation, enhance access to proprietary and specialized veterinary-exclusive products. To support operational efficiency, Covetrus provides inventory management services that integrate with supply tracking, helping practices monitor stock levels and automate reordering for pharmaceuticals and consumables. Financing options, including equipment leasing and practice expansion loans, extend to bulk purchases of supplies, offering flexible payment terms to ease capital burdens on veterinary businesses. These services are designed to optimize cash flow and reduce upfront costs for high-volume acquisitions. In the North American market, Covetrus holds a leading position as a primary distributor of veterinary consumables and supplies, serving over 100,000 customers including independent practices and corporate groups, with the top five companies collectively capturing 52-57% of the sector. Post-privatization investments, such as the 2024 Iowa facility expansion, have bolstered capacity to meet rising demand driven by increasing pet ownership and practice consolidation. This dominance is evidenced by annual savings programs that deliver up to $14,000 in cost reductions for a typical three-doctor practice through volume discounts and efficient procurement.

Business Operations

Global Presence

Covetrus maintains its primary operational hub in North America, with headquarters located in Portland, Maine, USA, serving as the central base for its global activities. The company operates multiple distribution centers across the United States and Canada, facilitating efficient supply to over 100,000 veterinary practices globally, with a primary focus on North America. In Europe, Covetrus has established significant operations, including eight distribution hubs in the United Kingdom for next-day delivery and a 99.8% fill rate on orders. It also maintains a DACH (Germany, Austria, Switzerland) hub in Düsseldorf, Germany, alongside presence in Belgium, France, and Ireland, extending services to U.S. military bases throughout the continent. In the Asia-Pacific region, Covetrus has experienced notable growth since 2019, supporting more than 1,300 practices and 15,000 users through offices in Australia, such as in Eight Mile Plains, Queensland, and Brisbane, as well as operations in New Zealand. The company targets high-growth markets like Japan via partnerships with local distributors, enabling access to its software and supply solutions without a direct office presence. Operations in Latin America are managed under dedicated leadership, with product availability expanded to support veterinary practices in the region as part of broader emerging market strategies. To adapt to diverse international markets, Covetrus ensures compliance with regional veterinary regulations, including EU data protection under GDPR for its software platforms and adherence to the revised Veterinary Medicinal Products Regulation effective in 2022, which enhances antimicrobial resistance controls and product safety across the European Union. Its technology solutions, such as Robovet for Europe, the Middle East, and Africa, RxWorks for Asia-Pacific, and Ascend, a cloud-based practice management system developed in Australia serving veterinary practices in New Zealand and the United Kingdom with compatibility across mobile and desktop devices, are tailored with localization features supporting regional languages, currencies, and workflow integrations to meet local veterinary needs. Following its privatization in October 2022, Covetrus has pursued expansion in emerging markets, including investments in Latin America through enhanced leadership oversight and product launches, alongside partnerships with local distributors to broaden distribution networks. These efforts aim to capitalize on growing demand for animal health technologies in regions like the Caribbean and Asia-Pacific. However, the company faces challenges from international trade disruptions, such as global shipping delays in 2024 that temporarily impacted product availability, which it addresses via diversified sourcing from low-risk suppliers and strategic manufacturer partnerships to mitigate supply chain vulnerabilities.

Acquisitions and Divestitures

Following its launch, Covetrus pursued bolt-on acquisitions to bolster its software and financing solutions. In 2020, it acquired an 80% interest in Veterinary Study Groups, a provider of peer-to-peer learning and consulting for veterinary practice owners, to enhance professional development and practice management tools. In 2021, Covetrus completed the acquisitions of AppointMaster, a patient appointment management software provider, and Veterinary Care Plans (VCP), a platform administering wellness plans for over 1,000 veterinary practices, in deals totaling approximately $85 million. These moves expanded Covetrus's technology ecosystem, enabling integrated scheduling, financing, and preventive care options for veterinarians. In 2022, it acquired Great Pet Care, a digital platform offering pet health content and e-commerce integration, for $14 million in cash plus up to $10 million in contingent consideration, further unifying online pharmacy and educational resources. On the divestiture side, Covetrus streamlined its portfolio by selling non-core assets. In April 2020, it divested scil animal care, a German-based veterinary diagnostics company, to Heska Corporation for $110 million, allowing Covetrus to refocus on its primary software and consumables segments. More recently, in October 2025, Covetrus agreed to sell SmartPak Equine—a direct-to-consumer equine health products business rebranded as SmartEquine earlier that year—to Chewy Inc., with the transaction expected to close by year-end to sharpen its emphasis on professional veterinary services. These transactions reflect a strategic emphasis on synergies between software innovations and supply chain efficiencies, particularly after Covetrus's privatization by Clayton, Dubilier & Rice and TPG in 2022. Acquisitions like VCP and AppointMaster targeted gaps in financing and workflow automation, while divestitures such as scil and SmartPak eliminated peripheral operations to concentrate resources on high-growth veterinary technology.

Controversies

Legal Disputes

In May 2021, Chewy, Inc. filed a lawsuit against Covetrus, Inc. and Vetcove, Inc. in the New York Supreme Court, alleging that the companies unlawfully interfered with Chewy's sales of prescription pet medications by accessing confidential customer data and redirecting orders intended for Chewy to veterinary practices. The complaint claimed that Covetrus and Vetcove used proprietary software to divert these sales, constituting tortious interference, unfair competition, and defamation through misleading communications to veterinarians and customers. Covetrus countersued, arguing that Chewy's expansion into veterinary telemedicine and direct-to-consumer prescription sales violated established distribution channels for regulated pet products. Related proceedings occurred in Florida state courts, including appeals as recently as 2024. As of November 2025, the litigation remains ongoing, with no public settlement announced. In October 2021, Covetrus and Roadrunner Pharmacy agreed to pay more than $9 million to settle a class action lawsuit alleging they sent unsolicited fax advertisements in violation of the Telephone Consumer Protection Act. Another significant dispute involves software rights, where in February 2021, Covetrus and its subsidiary Veterinary Data Services, Inc. sought declaratory judgment in the U.S. District Court for the District of Maine against Actian Corporation, claiming non-infringement of copyrights related to a leased veterinary practice management software. Actian countersued, alleging breach of the end-user license agreement and unauthorized use of the software following the lease's expiration, seeking damages for copyright infringement and contract violations. This case, which predates Covetrus's 2022 privatization but has continued thereafter, centers on whether Covetrus's integration of the software into its platform constituted improper extension of usage rights. Proceedings remained active into 2025, with no resolution reported as of November 2025. These legal battles have not yet resulted in major financial settlements, though the ongoing nature of the suits has prompted Covetrus to review its data-sharing practices with partners to mitigate interference claims. In the Actian matter, court orders have addressed evidentiary issues, potentially influencing future software licensing agreements. The disputes have drawn scrutiny to Covetrus's role in the competitive veterinary supply chain, potentially eroding trust among partners and customers in an industry reliant on secure prescription distribution and technology integration. This has highlighted tensions between traditional veterinary channels and e-commerce disruptors, affecting Covetrus's reputation as a key player in animal health technology and distribution.

Regulatory Issues

Covetrus, as a distributor of animal health products, operates under strict oversight from the U.S. Food and Drug Administration (FDA) regarding the approval, labeling, and distribution of animal pharmaceuticals to ensure safety and efficacy. The company must comply with FDA regulations under the Federal Food, Drug, and Cosmetic Act (FDCA), which prohibit misbranding of prescription drugs, including improper distribution to unauthorized users. Additionally, Covetrus adheres to Drug Enforcement Administration (DEA) requirements for handling controlled substances in veterinary prescriptions, such as opioids, which mandate reporting and verification of suspicious orders to prevent diversion. Post-2022, Covetrus faced regulatory scrutiny over supply chain practices, including a 2024 FDA investigation revealing that the company had shipped over $20 million in misbranded prescription drugs to non-veterinarians, violating distribution controls intended to protect animal and public health. In parallel, a DEA audit highlighted failures in addressing suspicious opioid orders and maintaining adequate records, compromising transparency in the handling of controlled substances. For its software solutions managing veterinary patient records, Covetrus encounters compliance challenges with the European Union's General Data Protection Regulation (GDPR), which requires robust data privacy measures for sensitive health information across borders. In response, Covetrus invested in compliance technologies, including the redesign of its operations with new verification systems and the creation of a dedicated Large Animal Pharmacy to enforce FDCA standards. The company also expanded its pharmaceutical compounding facility in 2024 to enhance controlled substance handling and reporting capabilities. Amid evolving animal welfare laws, Covetrus initiated supply chain transparency initiatives in 2024-2025, such as modern slavery reporting to align with ethical sourcing standards. These efforts support global adaptations, including GDPR-compliant data processing for EU operations. Covetrus incurred penalties from these matters, including a $21.5 million forfeiture, $1 million fine, and an additional $2 million in payments and restitution to the Virginia Department of Health Professions from the FDA misbranding case, as well as a $1.125 million DEA settlement, but avoided major operational shutdowns as of 2025.

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