Distributor poised for IPO
MERIDIAN, IDAHO - 4/26/05 - MWI Veterinary Supply, a nationwide distributor of animal health products, is poised for its initial public offering after filing a registration statement with the U.S. Securities and Exchange Commission.
Banc of America Securities LLC is serving as the sole bookrunner for the offering, and William Blair & Co. LLC and Jaffray & Co. are acting as co-managers.
MWI distributes more than 10,000 products from more than 350 vendors to more than 14,000 veterinary practices. About two-thirds of MWI's total revenues are generated from sales of companion animal products and one-third from production animal products. The comapany's revenues were $394.3 million for fiscal year 2004, and its operating income was $12.6 million. For the three months ending Dec. 31, 2004, total revenues were $109 million, and operating income was $5.3 million.