Patterson Companies Completes $2.8 Billion Merger with Patient Square Capital Affiliate

Patterson Companies, Inc. has officially completed its merger with Paradigm Merger Sub, Inc., an affiliate of Patient Square Capital, transforming the company into a privately held entity. The merger, first announced in December 2024, closed on April 17, 2025.

Under the terms of the merger agreement, each share of Patterson common stock was converted into the right to receive $31.35 in cash. The transaction valued the company at approximately $2.8 billion. Trading in Patterson’s shares on the NASDAQ was halted on the closing date, and the company is being delisted and deregistered with the SEC.

As a result of the transaction:
- Patterson became a wholly owned subsidiary of Paradigm Parent, LLC.
- All outstanding equity awards were either cashed out or canceled based on terms outlined in the merger agreement.
- Patterson fully repaid and terminated its existing credit facilities and debt obligations.
- The company adopted new articles of incorporation and bylaws reflecting its private ownership status.

A shift in the board of directors also occurred, with all members except Donald J. Zurbay stepping down. Kevin M. Barry joined the board, and the new parent company board includes representatives from Patient Square Capital.

The company's existing executive officers, including CEO Don Zurbay, remain in place following the merger.

Patient Square Capital financed the acquisition through a combination of equity and debt, reinforcing its strategic investment in healthcare-related businesses.