Kinney Drugs acquires four independent pharmacies
GOUVERNEUR, N.Y. — Regional player Kinney Drugs has snapped up four independent pharmacies located in central New York and Vermont, bringing its total store count to 94.
Financial terms of the deal were not disclosed.
“These acquisitions are a very good fit for Kinney Drugs and are consistent with our stated growth objectives in retail pharmacy,” stated Jim Spencer, COO of Kinney Drugs store division. “They will allow us to grow our prescription base and market share within existing markets, and at the same time expand into two new areas in Central New York and Vermont.”
Two of the acquired pharmacies have been converted and remerchandised, and will operate under the Kinney Drugs name. The other two pharmacies were closed, and prescription files and inventory were transferred to the neighboring Kinney Drugs.