MWI Veterinary Supply Inc. in Boise has signed a deal to buy an Arkansas-based animal health products company, Ivesco Holdings, for $67.5 million.
MWI expects the acquisition to bring new revenues of $400 million in the first year of ownership.
The company announced the agreement Thursday, but it is subject to regulatory approval and other conditions. MWI expects the deal to close in the quarter that ends Dec. 31.
Ivesco was founded in 1945. It sells more than 25,000 kinds of products and has more than 6,000 customers in its five areas of focus veterinarians, swine integrators, dealers, poultry integrators and cattle. MWI sells pet and production-animal products including pharmaceuticals, vaccines, parasiticides, food and equipment.
"Because the need for quality protein will increase substantially in a rapidly growing world, we are particularly excited about Ivesco's complementary strength in production animal products and services," said Jim Cleary, MWI president and CEO.
MWI agreed to buy Ivesco at "a small premium over net tangible assets," Cleary said.