Kirkland & Ellis advised global investment firm KKR in its strategic investment in Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical practitioners. KKR has agreed to acquire an additional $250 million of common stock in a primary issuance from Henry Schein. Combined with its existing holdings, KKR will become Henry Schein’s largest non-index fund shareholder with a 12% position. As part of their agreement, KKR and Henry Schein will also collaborate on a range of value creation initiatives, and Max Lin, who leads KKR’s Health Care industry team within its Americas Private Equity platform, and Dan Daniel, an executive advisor to KKR and former Executive Vice President at Danaher Corporation, will join Henry Schein’s board of directors. Henry Schein also announced the appointment of an additional independent director to its board. The consummation of the transactions is subject to customary closing conditions, including the expiration or termination of any waiting period under the Hart-Scott-Rodino Act and any foreign regulatory approvals.
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