American Associated Pharmacies Agrees to Acquire Remaining 50 Percent Stake in Arete Pharmacy Network, LLC
American Associated Pharmacies (AAP), an independent pharmacy cooperative with over 2,000 pharmacy members, today announced it has signed a definitive agreement to acquire the remaining 50 percent interest in the joint venture of Arete Pharmacy Network. Arete Pharmacy Network is a quality-focused national Pharmacy Services Administrative Organization (PSAO), concentrated on the success and profitability of independent and community pharmacies. The transaction closed on Sept. 12, 2018.
Arete Pharmacy Network was formed in 2016 with a total of 2,250 stores; it has since grown significantly with over 2,800 pharmacies. This makes Arete Pharmacy Network the fourth largest PSAO in the nation. In December 2016, Arete Pharmacy Network further expanded its geographical footprint through the acquisition of RxPride — a deliberate strategy to extend the benefits of its programs and services.
"As a leading cooperative, we are constantly evaluating ways to improve the overall experience for our independent pharmacy members," said Jon Copeland R.Ph., AAP President and CEO. "The acquisition announced today is an example of our ongoing efforts to enhance our members' value. With complete ownership in Arete Pharmacy Network, we will expand our focus on the products, operations and employees needed to deliver improvements and to sustain new growth year over year. This change will help further strengthen the benefits the pharmacies and their patients derive from participation with the quality-focused network."