AAP cooperative adds more than 300 independents with PIPCo acquisition
SCOTTSBORO, Ala. – American Associated Pharmacies, a member-owned cooperative comprised of over 2,100 independent pharmacies located in 49 states, announced Monday that it has reached an agreement to acquire the assets of Partners in Pharmacy Cooperative, an independent pharmacy cooperative with more than 300 members in 19 states.
The acquisition of PIPCo fits within AAP's growth strategy and solidifies its position as a leader in the independent pharmacy cooperative market. The combination creates significant value for both AAP and PIPCo members.
"Our acquisition of PIPCo enhances AAP's geographic presence and capacity to deliver an extensive portfolio of innovative tools and services," stated Jon Copeland, AAP CEO. "We look forward to working with the talented team at PIPCo to further deliver this value to independent pharmacies."
"AAP's acquisition of PIPCo ensures our member pharmacies will have access to tools and resources to accelerate their pharmacy practice. As an established and trusted cooperative, we're confident that AAP will continue to care for PIPCo members and their businesses, just as we have for the past 14 years," said Gene Brah, PIPCo CEO.
AAP has a successful track record of business consolidation, helping to strengthen independent pharmacy's influence in the marketplace, the cooperative stated. In addition, AAP realizes additional cost synergies through its recently announced joint venture, Arete Pharmacy Network, the fourth largest nationwide Prescription Service Administrative Organization.
Closing of the acquisition is subject to customary conditions and expected to be completed in the second quarter of 2016. AAP will integrate PIPCo's existing employees into its operations and intends to continue operating PIPCo's Green Bay office location. PIPCo will be rebranded and operated under AAP's banner.