Express Rx Announces Agreement to Acquire 10 Fred's Pharmacy Locations and Form Strategic Relationship with MHR Fund Management
NEW YORK, Oct. 22, 2019 /PRNewswire/ -- Express Rx, a Southeastern regional pharmacy chain, is joining with MHR Fund Management LLC ("MHR") in an enterprise to acquire 10 Fred's pharmacy locations in rural areas across five Southeastern states.
Express Rx is excited about the opportunities presented by this transaction, including enhancing patient healthcare, expanding quality care into more rural areas, and maintaining employment levels at all the newly acquired locations.
"This is an important milestone in our company's proud history," said Galen Perkins, Express Rx's chief executive officer. "We welcome the opportunity to provide high-quality healthcare to Fred's customers and their communities."
Josh Sigmon, a principal at MHR, said, "MHR is pleased to partner with the experienced executives at Express Rx. We are confident that our acquisition of these Fred's pharmacies will provide stability and assurance to local communities and employee bases."
While the Fred's pharmacies will continue to operate at their current locations, they will undergo a name change to Express Rx following the close of the acquisition, which is expected to take place in early November. Terms of the transaction were not disclosed, and the closing is subject to satisfaction of the conditions set forth in the asset purchase agreement with Fred's.
The stores that Express Rx will acquire pursuant to the agreement with Fred's are listed below:
- Fred's Pharmacy, 303 N. Hood St., Lake Providence, Louisiana
- Fred's Xpress, 705 Plank Rd. Hwy. 128, Saint Joseph, Louisiana
- Fred's Pharmacy, 2001 W. Court St., Winnfield, Louisiana
- Fred's Pharmacy, 1068 Hwy. 61 N., Tunica, Mississippi
- Fred's Xpress, 801 E. Jackson Rd., Union, Mississippi
- Fred's Xpress, 101 W. Sweet Potato St., Vardaman, Mississippi
- Fred's Pharmacy, 251 S. Washington St., Ripley, Tennessee
- Fred's Pharmacy, 211 South Main St., Morgantown, Kentucky
- Fred's Pharmacy, 1128 Second Ave. NE, Fayette, Alabama
- Fred's Xpress Pharmacy, 1360 Military St. S., Hamilton, Alabama
About Express Rx
Express Rx combines old-fashioned service with the latest technologies to provide its customers with the most efficient and comprehensive pharmacy experience possible. Beginning with the opening of its first store in 2013, Express Rx has expanded to eight store locations in Oklahoma, Missouri and Arkansas. For additional information, please visit our website at expressrx.net.
About MHR Fund Management LLC
Founded in 1996, MHR Fund Management LLC, is a New York-based private equity firm that manages ~$5 billion of capital and has holdings in public and private companies across a variety of industries. MHR utilizes a relationship-based sourcing approach to identify highly complex and compelling investment opportunities outside of competitive processes. MHR leverages its expertise and flexible capital to invest successfully across all parts of the capital structure, including debt, equity, structured loans and assets. MHR seeks to add value as a partner, not just as a capital provider, by working collaboratively with its portfolio companies and management teams. For additional information, visit mhrfund.com.
SOURCE Express Rx
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