Beecken Petty O'Keefe & Company, a Chicago-based private equity firm, has entered into a definitive agreement to buy PSS World Medical's specialty dental business for $68m.
PSS World Medical executive vice president and chief financial officer David Bronson said through a comprehensive process, the company has identified a buyer for its specialty dental business that has significant healthcare expertise and investment capabilities to grow the business.
"The proceeds from this sale, which were at the high end of our expectations, will accelerate investments to drive long-term growth in our four focused verticals — Physician, Laboratory, Dispensing and Home Care & Hospice," Bronson added.
The transaction, which is subject to satisfaction of regulatory licensing requirements and other closing conditions, is expected to close in October 2012.