KKR takes strategic stake in medical supplier Henry Schein

KKR & Co. has taken a 12% stake in Henry Schein Inc. and will work with the company to improve operations at the world’s largest distributor of medical products to office-based dentists and doctors.

US private equity firm KKR will become the largest non-index fund shareholder in the group and also has the option to increase its stake to up to nearly 15%, according to a statement Wednesday. 

As part of the deal, two KKR representatives — Max Lin and William K. Daniel — will join the board of Henry Schein as independent directors. Lin leads KKR’s health-care industry team within its Americas private equity platform. Daniel is an executive advisor to KKR and a former executive vice president at Danaher Corporation. 

Henry Schein, which has a market value of about $9.5 billion, and KKR will “collaborate to pursue additional opportunities to create shareholder value,” according to the statement. 

Separately, the company also appointed Robert J. Hombach, former chief financial officer of Baxalta Inc. as an independent director. The three new board appointees will boost expertise across finance, operations and in dental and other areas of health care, Henry Schein said. 

The medical products company has been subject of an activist campaign by Ananym Capital Management, which was pushing the company to cut expenses and replace Chief Executive Officer Stanley Bergman who has been at the helm since 1989.

The Melville, New York-headquartered firm has operations in 33 countries and provides medical supplies to more than 1 million customers. 

Henry Schein on Wednesday reported preliminary annual revenue of $12.7 billion for 2024 and said for 2025 it expects revenues and earnings per share to grow by low to mid-single digit percentages. 

News of KKR’s investment was first reported by the Wall Street Journal. 

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