SCOTTSBORO, Ala., March 21, 2016 /PRNewswire/ -- American Associated Pharmacies (AAP), a member-owned cooperative comprised of over 2,100 independent pharmacies located in 49 states, announced that it has reached an agreement to acquire the assets of Partners in Pharmacy Cooperative (PIPCo), an independent pharmacy cooperative with members in 19 states.
The acquisition of PIPCo fits within AAP's growth strategy and solidifies its position as a leader in the independent pharmacy cooperative market. The combination creates significant value for both AAP and PIPCo members.
"Our acquisition of PIPCo enhances AAP's geographic presence and capacity to deliver an extensive portfolio of innovative tools and services. We look forward to working with the talented team at PIPCo to further deliver this value to independent pharmacies," said Jon Copeland, chief executive officer of AAP.
"AAP's acquisition of PIPCo ensures our member pharmacies will have access to tools and resources to accelerate their pharmacy practice. As an established and trusted cooperative, we're confident that AAP will continue to care for PIPCo members and their businesses, just as we have for the past 14 years," said Gene Brah, PIPCo's chief executive officer.
AAP brings a successful track record of business consolidation, helping to strengthen independent pharmacy's influence in the marketplace. AAP consistently fuels innovation, creates value and strongly positions the company to capture higher-growth opportunities. In addition, AAP's success, coupled with its recently announced joint venture, Arete Pharmacy Network, the fourth largest nationwide Prescription Service Administrative Organization (PSAO), allows AAP to generate additional cost synergies and advantages for its members.
Closing of the acquisition is subject to customary conditions and expected to be completed in the second quarter of 2016. AAP will integrate PIPCo's existing employees into its operations and intends to continue operating PIPCo's Green Bay office location. PIPCo will be rebranded and operated under AAP's banner.
About American Associated Pharmacies
American Associated Pharmacies (AAP) is a member-owned cooperative representing over 2,100 independent pharmacies to provide owners an opportunity to buy like a larger chain. As a unified voice in an ever-changing environment, AAP designs and implements programs to provide its pharmacies the enhanced tools needed to operate a highly successful business.
About Partners in Pharmacy Cooperative
Partners in Pharmacy Cooperative is a cooperative owned and managed by its 300 independent community pharmacy members. With a focus on developing solutions that can be customized to meet each pharmacy's unique situation, at PIPCo's core is a mission to support the profitability and operations of independent pharmacies.
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SOURCE American Associated Pharmacies (AAP)