Express Rx, a Southeastern regional pharmacy chain, is joining with MHR Fund Management LLC (“MHR”), in an enterprise to acquire 10 Fred’s pharmacy locations in rural areas across five Southeastern states.
Among those pharmacies acquired was Fred’s Xpress, located 801 E. Jackson Rd., Union.
Express Rx said in a statement that they will enhance patient health care, expand quality care into more rural areas and maintain employment levels at all the newly acquired locations.
“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.”
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.
Other stores that Express Rx will acquire include stores Tunica and Vardaman in Mississippi, three in Louisiana, one in Tennessee, one in Kentucky and two in Alabama.
