Financial terms of the acquisition weren’t disclosed. AAP said late Monday that PIPCo will be rebranded and operated under the AAP banner. Plans call for PIPCo employees to be integrated into AAP’s operations and for PIPCo’s Green Bay, Wis., office to continue operation.
Pending customary conditions, the transaction is expected to be completed in the second quarter of this year.
“Our acquisition of PIPCo enhances AAP’s geographic presence and capacity to deliver an extensive portfolio of innovative tools and services,” AAP chief executive officer Jon Copeland said in a statement. “We look forward to working with the talented team at PIPCo to further deliver this value to independent pharmacies.”
With the deal, PIPCo’s 300 independent pharmacy members in 19 states will join AAP’s more than 2,100 community pharmacy members in 49 states.
“AAP’s acquisition of PIPCo ensures our member pharmacies will have access to tools and resources to accelerate their pharmacy practice,” commented Gene Brah, CEO of Partners in Pharmacy Cooperative. “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.”
The acquisition of PIPCo comes just weeks after AAP unveiled a joint venture with pharmaceutical distributor H.D. Smith. The companies announced at the end of February that they plan to combine their pharmacy services administrative organizations (PSAOs) into a stand-alone PSAO entity called the Arete Pharmacy Network. The move will merge H.D. Smith’s Third Party Network and AAP’s United Drugs and serve more than 2,300 independent pharmacies nationwide.