Walgreens acquires Kerr Drug chain
Deerfield, Ill. -- Walgreens on Tuesday announced it has acquired North Carolina pharmacy chain Kerr Drug. The purchase of the privately held regional outfit, which generated $381 million in revenue in 2012, includes its 76 retail stores and specialty pharmacy chain.
“The Kerr Drug retail drug stores and specialty pharmacy business are an exceptional addition to the Walgreens family of companies,” said Walgreens president and CEO Greg Wasson. “We are closely aligned on the important task of expanding the healthcare role that community pharmacists can have with their patients, and we share the common goal of stepping out of the traditional drugstore format to create a new experience for our customers.”
“Kerr Drug’s strategy and core principles have always been focused on its unique ability to provide patients access to the most comprehensive and convenient health and wellness offering in the industry," said Anthony Civello, Kerr Drug chairman, president and CEO. "Walgreens is the perfect partner to continue this journey as a patient-oriented company dedicated to expanding the role of the pharmacist as an integral part of health care.”
Financial terms of the agreement were not disclosed. As part of the transaction, which is slated to close later this year, Kerr Drug will maintain ownership of its long-term care pharmacy business.
Until the acquisition closes, Kerr Drug and Walgreens will continue to operate separately. After closing, the acquired Kerr Drug retail drug stores will continue to operate under their current brand in the near term.