H. D. Smith Completes Valley Wholesale Drug Acquisition
SPRINGFIELD, Ill., Nov. 2, 2012 /PRNewswire/ — H. D. Smith, among the nation’s largest pharmaceutical wholesalers, today announced that it completed the acquisition of Valley Wholesale Drug. Under the terms of the agreement, Valley Wholesale Drug will be run as a wholly owned subsidiary of H. D. Smith. Day-to-day operations of the subsidiary will be run by Stephen Shoneff, former CEO of Valley, out of the Stockton, California facility.
“The close of the acquisition of Valley Wholesale Drug marks a significant step in our strategy to continue growing our national footprint to serve more independent pharmacists across the country – especially in the critical market of California, and moving forward, into the Pacific Northwest,” said Dale Smith, chairman and chief executive officer, H. D. Smith. “We will continue to focus on exceptional service to our core customers – the Retail Independent Pharmacy – and we will be well-served to execute on this objective under the leadership of Stephen Shoneff, who has managed the Valley Wholesale Drug business successfully during the last 26 years.”
About H. D. Smith
Headquartered in Springfield, Illinois, H. D. Smith is among the largest national full-line, full-service wholesalers providing a complete line of pharmaceuticals, OTCs, HBAs, home healthcare products, durable medical equipment, seasonal merchandise and a wide array of marketing programs to retail pharmacies, regional chains and health systems. The company has distribution facilities in California, Florida, Kentucky, Illinois, New Hampshire, New Jersey and Texas that service major markets throughout the United States. Additional information about H. D. Smith can be found at hdsmith.com. Assisting H. D. Smith with this deal were Schiff Hardin LLP, legal advisors and Mueller Prost as financial advisors.
About Valley Wholesale Drug
Valley Wholesale Drug is a family owned regional healthcare distributor serving over 600 independent pharmacy and institutional customers in California with a few in Nevada. Valley also has distribution licensing in the state of Washington. The Company’s headquarters and sole distribution center are in Stockton, California and it currently employs 75 associates, 10 of which are sales associates. Valley Wholesale Drug also brings strong operational and financial performance to the H. D. Smith family of companies – in 2011 the Company achieved $130 million in annual revenue. Assisting Valley Wholesale Drug with this deal was Ernst & Young Capital Advisors, LLC, as financial advisor.
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H. D. Smith
SOURCE H. D. Smith