Walgreens Acquiring Kerr Drug to Grow North Carolina Presence

DEERFIELD, Ill. -- Walgreen Co. acquired Kerr Drug, a privately held regional pharmacy chain in North Carolina. Terms of the deal were not disclosed.

Walgreen will acquire 76 retail drugstores, Kerr Drug's specialty pharmacy business and a distribution center. According to Deerfield, Ill.-based Walgreen, it sought to grow its presence in North Carolina, a fast-growing market. Kerr Drug also aligns well with Walgreen's strategy to transform the role community plays in health care.

"The Kerr Drug retail drugstores and specialty pharmacy business are an exceptional addition to the Walgreens family of companies," said Walgreen Co. President and CEO Greg Wasson. "We are closely aligned on the important task of expanding the health care role that community pharmacists can have with their patients, and we share the common goal of stepping out of the traditional drugstore format to create a new experience for our customers."

Assuming the acquisition receives the proper regulatory approvals, the transaction is expected to be completed later this year. Kerr Drug locations will continue to operate under the current brand for the near term following the completion of the transaction, a Walgreen news release stated.

"Kerr Drug's strategy and core principles have always been focused on its unique ability to provide patients access to the most comprehensive and convenient health and wellness offering in the industry," said Kerr Drug Chairman, President and CEO Anthony Civello. "Walgreens is the perfect partner to continue this journey as a patient-oriented company dedicated to expanding the role of the pharmacist as an integral part of health care."

Raleigh, N.C.-based Kerr Drug was founded in 1951 with a mission to provide services that far exceed the traditional drugstore mix.

Walgreens is the country's largest drugstore chain with 8,117 locations nationwide. Parent Walgreen Co. achieved fiscal 2012 sales of $72 billion.