USA: Walgreens Buys Drug USA for $438m
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Tuesday, 10 July 2012 |
Walgreens has announced the acquisition of pharmacy Drug USA from Stephen L LaFrance Holdings for $438m including the chain’s office space, distribution centres and wholesale business. The purchase also includes the Super D Drug, May’s Drug, Med X and Drug Warehouse branded stores. The chain recorded combined sales of $825m last year.
“This acquisition expands our business in an important region of the country,” said Walgreens president and CEO Greg Wasson. “It will provide significant new pharmacy business for us in this region while also enabling us to bring the Walgreens experience to many additional smaller communities where USA Drug has developed strong operational expertise.”
Stephen L LaFrance, president of the company of the same name, said that he was proud to have owned the business, which expanded from one store in 168 to over 140 this year. The deal is still subject to regulatory approval.
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