Thursday January 9, 2020 0 comments
LOVELAND -- Heska Corporation (NASDAQ: HSKA), a provider of advanced veterinary diagnostic and specialty products, announced the company has acquired a 100% interest in CVM Diagnostico Veterinario, S.L. and CVM Ecografía, S.L. in Spain.
The CVM companies have been leading providers for more than 25 years of imaging and blood testing products to the companion animal market in Spain, a market with approximately 6,000 veterinary clinics and hospitals.
CVM companies estimate their market share prior to the deal at #1 in Ultrasound, #1 in Digital Radiography, and #2 in POC Blood Diagnostics.
"We have respected the reputation the CVM companies have built in Spain for some time,” said Kevin Wilson, Heska’s president and CEO.
“We are pleased they agreed late last year to join the Heska family. Adding a strong presence in Spain is consistent with our stated strategy of expanding Heska's presence in the companion animal diagnostic market throughout the globe.
“With over 2,500 active customers of advanced veterinary diagnostics that are supported by a highly trained support team and substantial logistics assets, CVM is exactly what we were looking for to expand Heska into Spain.
“The Spanish market is a healthy, core European market that fits well with Heska's Reset subscriptions model for diagnostics and it is a key part of Heska's geographic expansion strategy in advance of our upcoming product launches.
“We are thrilled to make this investment in CVM and their strong, experienced team to grow together in our quest to be #1 or #2 in the markets we serve."
"We are proud of the healthy and growing business the entire CVM team has built over this past 25 years,” said Roberto and Carlos Crespo, CVM companies founders.
“We have partnered with our veterinarian friends and associates throughout Spain in ultrasound, digital radiography, point of care laboratory, education, MRI, and other technologies for over two decades.
“With this new chapter, we prepare to invest and grow even faster. While we don't expect major near-term changes in our business as a result of this agreement, we are excited by the products Heska has now and under development that will be of strong interest to thousands of CVM veterinarian customers throughout Spain and into broader Europe.
"Products such as Heska's Element i+ (immunoassay) and upcoming Element UF (urine-fecal) analyzer offer more advanced methods and exclusive tests to address patient and veterinarian needs.
“We are confident that CVM is the team to bring them to the Spanish market as the winning solutions. The whole CVM team is excited about this next chapter together with Heska."