Express Rx, a Southeastern regional pharmacy chain, is joining with MHR Fund Management in an enterprise to acquire 10 Fred’s pharmacy locations in rural areas across five Southeastern states.
While the Fred’s pharmacies will continue to operate at their current locations, they will undergo a name change to Express Rx following the close of the acquisition, which is expected to take place in early November. Terms of the transaction were not disclosed, and the closing is subject to satisfaction of the conditions set forth in the asset purchase agreement with Fred’s.
The stores that Express Rx will acquire pursuant to the agreement with Fred’s are listed below:
Fred’s Pharmacy, 303 N. Hood St., Lake Providence, Louisiana
Fred’s Xpress, 705 Plank Rd. Hwy. 128, Saint Joseph, Louisiana
Fred’s Pharmacy, 2001 W. Court St., Winnfield, Louisiana
Fred’s Pharmacy, 1068 Hwy. 61 N., Tunica, Mississippi
Fred’s Xpress, 801 E. Jackson Rd., Union, Mississippi
Fred’s Xpress, 101 W. Sweet Potato St., Vardaman, Mississippi
Fred’s Pharmacy, 251 S. Washington St., Ripley, Tennessee
Fred’s Pharmacy, 211 South Main St., Morgantown, Kentucky
Fred’s Pharmacy, 1128 Second Ave. NE, Fayette, Alabama
Fred’s Xpress Pharmacy, 1360 Military St. S., Hamilton, Alabama
“This is an important milestone in our company’s proud history,” said Galen Perkins, Express Rx’s chief executive officer. “We welcome the opportunity to provide high-quality healthcare to Fred’s customers and their communities.”
Josh Sigmon, a principal at MHR, said, “MHR is pleased to partner with the experienced executives at Express Rx. We are confident that our acquisition of these Fred’s pharmacies will provide stability and assurance to local communities and employee bases.”
Express Rx has been in operation since 2013 and operates eight store locations in Oklahoma, Missouri and Arkansas. Founded in 1996, MHR Fund Management LLC, is a New York-based private equity firm that manages ~$5 billion of capital and has holdings in public and private companies across a variety of industries.