Rite Aid to acquire Seattle-based pharmacy chain for $95M

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The offer is anticipated to nearby completion of Rite Aids 2021 financial year. The company upgraded its previously provided financial 2021 assistance. Capital investment are now anticipated to be in between $300 million and $325 million, and free cash flow is anticipated to be $60 million to $135 million.

Rite Aid will obtain Seattle-based pharmacy chain Bartell Drugs for $95 million, the business announced Oct. 7..

” The acquisition of Bartells fits completely into and accelerates our RxEvolution method, as our companies share a commitment to overall health and wellness, the significance of the pharmacist as a trusted health adviser and the critical role the area pharmacy plays. Expansion within the growing Seattle location will allow Rite Aid to better serve customers, health strategies and health care companies,” stated Rite Aid CEO Heyward Donigan.

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Bartell Drugs has 67 drug stores in Washington state and will continue to operate under its original name..

Rite Aid stated Bartell produces more than $550 million in yearly earnings and fills about 5.5 million prescriptions every year.

The deal is expected to close by the end of Rite Aids 2021 fiscal year. The business updated its formerly released financial 2021 guidance. Capital expenses are now expected to be between $300 million and $325 million, and complimentary money flow is anticipated to be $60 million to $135 million.

Check out the full press release here.

Maia Anderson –
Thursday, October 8th, 2020