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Ritzman Pharmacy to Sell Pharmacy Business to CVS Pharmacy.

MANews-(C)2009-2019

8 January 2019 - Ohio, US-based retail pharmacy operator Ritzman Pharmacies, Inc plans to sell its 20 retail pharmacies to CVS Pharmacy, the company said.

The 65 year-old Ritzman Pharmacy primarily services markets in northeast Ohio.

CVS Pharmacy plans to operate in the same locations with the same staff in the Akron and Berlin stores.

The Ritzman Pharmacy locations in Rittman, Shreve, Sugarcreek, Wooster Milltown, Medina River Styx, Millersburg, Barberton, Wadsworth, Norton, Seville, Green, Wooster Downtown, Ashland, Orrville, Medina Forest Meadows, Dover, and Jackson will close and all pharmacy files will be transferred to nearby CVS Pharmacy stores.

Ritzman Pharmacy is withdrawing its participation in their joint venture pharmacy with Northeast Ohio Medical University (NEOMED).

NEOMED will be reviewing its options for how they will handle the pharmacy business.

CVS Pharmacy's acquisition of Ritzman Pharmacy is expected to be completed by the end of February.

The companies are working closely together to ensure the transition will be seamless for customers and their access to pharmacy care is not interrupted.

CVS Pharmacy also expects to interview any Ritzman Pharmacy employee who is interested in joining the CVS Pharmacy team.

Ritzman owns a management company, VAR, that will continue its management of Summa's Home Infusion.

Country: USA

Sector: Pharmaceuticals

Target: Ritzman Pharmacies' 20 retail pharmacies

Buyer: CVS

Vendor: Ritzman Pharmacies

Deal size in USD:

Type: Corporate Acquisition

Financing:

Status: Agreed

Buyer advisor: , ,

Comment: Terms of the deal were not disclosed

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Publication:M & A Navigator
Geographic Code:1U3OH
Date:Jan 8, 2019
Words:240
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