New owner, new name for Medicine Hat phar­macy

Prairie Post (East Edition) - - Alberta - BY COLLIN GAL­LANT — South­ern Al­berta News­pa­pers

A na­tional phar­macy firm has sold its Medicine Hat op­er­a­tion to an Al­berta com­pany, say­ing that the lo­cal out­fit is not cen­tral to its plans, while the new own­ers ac­quire a sec­ond lo­ca­tion in the Hat.

Cen­tric Health, which pur­chased the Medicine Shoppe Phar­macy on Carry Drive in late 2016, an­nounced Dec. 31 it was sell­ing the fran­chise to an un­named Al­berta-based com­pany, which the News has con­firmed is the Sand­stone phar­macy group.

That com­pany op­er­ates 18 lo­ca­tions in Al­berta, in­clud­ing the IDA drug store in Cres­cent Heights.

Dan Re­ich, the former owner of the Medicine Shoppe fran­chise and cur­rent man­ager of the store, said cus­tomers shouldn’t ex­pect any dis­rup­tion to ser­vice or ma­jor changes right away.

“It’ll be the same store, same staff, dif­fer­ent sign,” said Re­ich on Mon­day morn­ing. The store was re­cently re­fit­ted with new signs and a street sign giving it Cen­tric’s “Phamacare” store brand­ing, about two years af­ter the “Medicine Shoppe” was ac­quired.

The value of this week’s sale, which in­cludes an­other re­tail phar­macy in Grande Prairie, is $4.5 mil­lion, not in­clud­ing a per­for­mance clause that could add an­other $225,000 over two years.

The deal could be fi­nal­ized in Fe­bru­ary. Sco­tia Cap­i­tal is act­ing as Cen­tric’s ad­vi­sor.

Sand­stone, owned by Cal­gary-based Apex Phar­ma­cies, also op­er­ates 18 out­lets in that city and in com­mu­ni­ties around Red Deer, Air­drie, Lang­don, and Nan­ton.

Cen­tric of­fi­cials said of the Dec. 31 an­nounce­ment that it planned to con­cen­trate on high-vol­ume con­tract de­liv­er­ies to se­niors liv­ing and long-term care fa­cil­i­ties as well as re­tail ser­vices to large cor­po­rate health plans. An­other wing of the com­pany op­er­ates five pri­vate sur­gi­cal cen­tres in four prov­inces.

“Af­ter a care­ful re­view, we de­ter­mined that our Al­berta re­tail phar­macy op­er­a­tions were not core to our new strate­gic di­rec­tion of es­tab­lish­ing Cen­tric Health as the lead­ing provider of phar­macy and other health-care ser­vices to Cana­dian se­niors,” said David Mur­phy, Cen­tric’s pres­i­dent and CEO, in a re­lease.

“These di­vesti­tures are an im­por­tant first step in strength­en­ing our bal­ance sheet, and we look for­ward to our con­tin­ued lead­er­ship po­si­tion in spe­cialty phar­macy op­er­a­tions in Al­berta."

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.