APCI, APSC Announce Merger Plan

BESSEMER, Ala. and FRANKFORT, Ky., Feb. 14, 2024 /PRNewswire/ -- American Pharmacy Cooperative, Inc. (APCI) and American Pharmacy Services Corporation (APSC) announced plans to merge the two groups, officials with both organizations said today.

APCI and APSC have completed a contract formalizing the merger and the APSC shareholders have approved the transaction. Closing of the deal is anticipated to happen in late February or early March 2024. Terms of the merger were not disclosed.

Officials with both groups lauded the move.

"This merger marks a historic moment for our organization," said APCI CEO Tim Hamrick. "This is a true combination of equals and will benefit the members of both organizations. By combining our strengths with a group that shares our values, it will enhance our ability to work on behalf of our member retail community pharmacies to reduce costs, enhance their operations and efficiencies through innovative programs, and empower members to provide world class pharmacy care. Our collective expertise and resources promise new and exciting opportunities for our independent pharmacy owners."

Donnie Riley, Chairman of the APSC Board of Directors and owner of Clinic Pharmacy in Bowling Green, Ky., agreed. "We are rightfully proud of the work APSC has done for our members since 1985. Joining with APCI is the next step to create even greater value to community pharmacy," he said. "This merger not only multiplies our capabilities but also provides our members with access to a vast network of resources and opportunities. We're excited about the possibilities this partnership brings to the table."

"We're thrilled about this merger as it represents a strategic alignment of vision and goals for what independent pharmacy can be," said APCI Board of Directors President Dale Johnson. "Together, we will be more efficient, more effective, and more capable of navigating the challenges of the pharmacy industry. This is a win-win for both our members and the communities we serve."

"This merger is a testament to the power of collaboration," added APSC's Riley. "It allows us to leverage the strengths of a larger group to reduce costs while expanding programs and services. We are confident that this partnership will lead to significant advancements and benefits for our members."

Current wholesaler contracts for the two groups will continue to be honored throughout the transition period of the merger. When finalized, the combined independent pharmacy group purchasing organization will represent more than 1,800 pharmacies in 31 states across the U.S.

About APCI

APCI is a cooperative of more than 1,600 independently owned community pharmacies in 31 states. Celebrating its fortieth anniversary in 2024, the co-op is headquartered in Bessemer, Ala., and is recognized as a leader in the fight for prescription drug pricing transparency and reform.

About APSC

APSC was formed in 1985 and recognized as an independent, member-owned cooperative in 1991. APSC is headquartered in Frankfort, Ky., and serves independent pharmacy members in Kentucky, Indiana, Ohio, West Virginia, Georgia, Illinois, South Carolina, and Tennessee.

SOURCE American Pharmacy Cooperative, Inc.