Patterson Cos. Inc., a Mendota Heights-based national supplier of medial equipment to veterinary and dental practices, said Wednesday it agreed to be bought by private equity firm Patient Square Capital in a deal worth $2.8 billion in cash.

The purchase price of $31.35 a share is 36% higher than Patterson's closing price of $23.11 on Tuesday. Shares rose 36% in Wednesday trading to close at $31.40.

The deal follows Patterson's announcement just last week that it was conducting a strategic review searching for ways to maximize shareholder value. The company cut its annual outlook at the time, and the shares have lost about 19% this year through Tuesday.

The value of the deal is about $4.1 billion when Patterson's debt is included, according to a statement. It's expected to close in the fourth quarter of Patterson's fiscal 2025. It includes a 40-day period that allows Patterson to solicit alternative acquisition proposals from other potential buyers.