By George Anderson
The drugstore chain, Walgreens, is known for growing organically, rarely taking the acquisition path to growth. Occasionally, however, a deal comes along that is too good to pass on.
Yesterday, it was announced the nation's largest drugstore chain had agreed to purchase 16 Hi-School Pharmacy stores or pharmacy files in the Pacific Northwest.
The chairman and chief executive of Walgreens, David Bernauer, said in a released statement, "Acquisitions are very rare for us. But Steve's (Steve Oliva, president and ceo, Hi-School Pharmacy) operation presents a wonderful opportunity to strengthen our position in a high growth market. We're very impressed with Hi- School Pharmacy and its reputation in the drugstore industry, as well as the loyalty of its customers. It's among the top small drugstore chains in the nation."
Before the sale, Hi-School Pharmacy was the 31st largest drugstore chain in the country, dispensing more than 3 million prescriptions annually. The company will continue to operate 25 stores after the Walgreens' purchase is finalized.
Moderator's Comment: What are your thoughts on the Walgreens/Hi-School Pharmacy deal?
Steve Oliva said that selling stores was always part of his strategy. Mr. Oliva and his wife opened the first Hi-School Pharmacy location in 1967. [George Anderson - Moderator]