Financial terms of the deal weren’t disclosed. CVS said it agreed to buy 20 Fagen drug stores in northwest Indiana and northeast Illinois.
Plans call for eight of the Fagen stores to be converted and rebannered to CVS Pharmacy locations by late September. The other 12 Fagen stores are slated to be closed, with their prescription files transferring to nearby CVS pharmacies.
Fagen Pharmacy owner Gerald Fagen founded the company in 1972 after working briefly at a chain pharmacy following graduation from the Purdue University School of Pharmacy in 1968. A native of Gary, Ind., he was inspired to enter the field after working at a local pharmacy as a boy.
“I’d like to thank all of our patients and employees for their loyalty and dedication over the past 45 years,” Fagen said in a statement. “I’m grateful to have been able to serve the pharmacy needs of our community, and I am confident that CVS Pharmacy will provide the same top-notch customer service and pharmacy expertise we have provided at Fagen Pharmacy.”
The Fagen stores to be converted to CVS pharmacies are in Crown Point, Valparaiso, Gary (two locations), East Chicago, Whiting, Michigan City and Griffith, Ind.
Fagen locations to be shut are located in Beecher, Ill., and in DeMotte, Wheatfield, Roselawn, Francesville, Westville, South Haven, Hobart, Hammond, Gary, Munster and Valparaiso, Ind.
CVS stated that it “expects to hire many of the Fagen Pharmacy employees currently working at these locations” and added that it’s working with Fagen to ensure a seamless transition for customers.
“CVS Pharmacy looks forward to bringing its innovative pharmacy care programs and services to Fagen Pharmacy patients in Indiana and Illinois,” commented Everett Moore, area vice president for CVS Pharmacy. “We will continue to provide excellent care to patients and look forward to introducing our industry-leading offerings at these new locations.”
Fagen Pharmacy marks the second regional chain CVS has acquired in recent months. In June, CVS said it purchased Doc’s Drugs, a chain of 14 drug stores in Illinois. And in May, CVS acquired the prescription files of Marsh Supermarkets’ 37 pharmacies in Indiana.