CVS Pharmacy is set to acquire 20 retail pharmacies from US-based Ritzman Pharmacies for an undisclosed amount.
Under the deal, Ritzman Pharmacy will close stores in locations that include Rittman, Sugarcreek, Wooster Milltown, Medina River Styx, Wadsworth, Norton, Seville, Ashland, Orrville, Medina, and Jackson.
It will also transfer all pharmacy files at these locations to nearby CVS Pharmacy stores.
CVS Pharmacy plans to operate its business at these 20 locations and will continue the staff in Akron and Berlin stores.
Ritzman president and CEO Eric Graf said: “This has been a lengthy process for Ritzman Pharmacy, including engaging the investment community, local and national chains, as well as private equity.
“We have worked hard to sustain the independently operated community pharmacy model and are disappointed to bring it to a close, but it is time to pass our retail business to a company with more resources.”
The two companies expect to close the transaction by the end of February and are currently working together to ensure a smooth transition.
CVS Pharmacy Division vice-president Everett Moore said: “We are looking forward to introducing our industry-leading products and services to Ritzman patients and are committed to ensuring that their pharmacy needs are not only met, but exceeded.”
In addition, Ritzman will withdraw its participation in a joint venture pharmacy established in collaboration with Northeast Ohio Medical University (NEOMED). After this, NEOMED will review its options to handle the pharmacy business.