Monday, April 21, 2008
Dallas-based Ascendant Solutions announces the sale of Medicine Man Pharmacies
The company acquired Medicine Man pharmacies in 2004.
DALLAS — Ascendant Solutions, Inc. announced today that its Healthcare Subsidiary, Dougherty’s Holdings, Inc., sold its Medicine Man pharmacies to Pharmacy Operations, Inc., a subsidiary of Medicine Shoppe International. These stores will now operate under The Medicine Shoppe name.
Photo not provided by Ascendant Solutions
The company acquired the Medicine Man pharmacies through an acquisition of assets as part of Park Pharmacy Corporation’s bankruptcy reorganization in March 2004. Since that time, the Company operated these three pharmacies in Alvin, Angleton and Santa Fe, Texas under the Company’s healthcare segment. For the twelve months ended December 31, 2007, the Medicine Man stores generated revenue and operating income of $10 million and $50,000, respectively. The Company will use proceeds of the Medicine Man sale to fund additional acquisitions.
David Bowe, the Company’s President & CEO, commented “We are pleased to have completed this divestiture and look forward to having additional capital resources to redeploy in future acquisitions.”
Source: Ascendant Solutions
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