CVS to Acquire 110 Schnuck Pharmacies
CVS Pharmacy will acquire 110 Schnuck Markets Inc. pharmacies in the Midwest.
CVS will operate 99 of the grocer's pharmacies and rebrand them as CVS Pharmacy, and additionally acquire the prescription files from 11 Schnucks pharmacies and transfer them to nearby CVS Pharmacy locations. The relationship provides CVS Health with a capital-efficient way to expand into key areas, while bringing together the Midwest grocer with CVS Pharmacy's pharmacy services and clinical expertise.
"We have great admiration for Schnucks and believe CVS Pharmacy can bring additional clinical services to its customers,” said Jon Roberts, EVP and COO, CVS Health. “One of CVS Health's strategic imperatives is to ‘Be Local.’ By opening CVS Pharmacy locations within Schnucks stores, we're increasing access to high quality care and meeting customers where they are. Schnucks is a best-in-class grocer and we're honored to partner with them to bring our best-in-class pharmacy capabilities to their customers."
"As Schnucks continues to expand our emphasis on health and wellness, this collaboration with CVS is an opportunity for us to align with a company that has a similar focus," said Todd Schnuck, chairman and chief executive officer of Schnucks. "This partnership allows us to continue to provide quality pharmacy services to our customers in a manner they've come to expect, while supporting our mission to nourish people's lives. It also provides our pharmacy teammates an opportunity to further their careers with a premier retail pharmacy chain."
To provide continuity for Schnucks pharmacy customers, CVS Pharmacy will post all pharmacist and pharmacy technician positions, and will interview all Schnucks employees who apply. In-store changes will be rolled out over a period of several months after the completion of the transaction as CVS Pharmacy and Schnucks work to ensure the smoothest possible transition for all pharmacy patients.
The transaction is expected to be completed by end of the second quarter and is subject to customary closing conditions.