Generational Equity Announces the Acquisition of the Pharmaceutical Assets of Lang's Pharmacy Inc., by Walgreens Corporation
DALLAS, May 11, 2012 /PRNewswire/ -- Generational Equity, a leading mergers and acquisitions advisor for privately-held and family-owned businesses, is pleased to announce the acquisition of certain assets of its client, Lang's Pharmacy Inc., headquartered in Weston, Connecticut, by Walgreens Corporation, headquartered in Deerfield, Illinois. The transaction closed on March 13, 2012.
Lang's Pharmacy Inc., is a family owned and operated, full-service, independent pharmacy. Serving the town of New Canaan since 1925, Lang's Pharmacy offers cosmetics, hair and body lines, cosmeticians, gift wrapping and delivery, and pharmaceuticals covered by most insurance companies.
Lang's Pharmacy, which served the town since 1925 and was owned by Diana Levison and her family for 35 years. "It was a combination of a business decision and a quality [of] life decision," Levison said. "There are so many people I care about. I've been here over 30 years myself. It's a family business and I know so many people and their children and now their children's children. I would've done it a couple of years ago, but I wanted to make sure every one of my employees was taken care of in a way that would make them happy."
Levison said she's been trying to sell the store since the summer and acknowledged that she attempted to make a deal with an individual, but it fell through. Levison eventually sold her store to pharmacy giant Walgreens and regrets not being able to tell her customers about the sale. However, that was forbidden as per her contract with the new owners. "I chose Walgreens because I think they're efficient, they treat their employees fairly, and they will take care of my customers," Levison, who also owns Lang's Pharmacy in Weston, said. "They have all the pharmacy records and insurance information. It's going to be as painless and seamless as possible."
Managing Director's, Doug Smith, George Nova, and Vice President, Michael Goss, led the Generational Equity deal team that advised Lang's Pharmacy on the transaction. George Nova, Generational Equity Managing Director stated, "I found that working with the Walgreen team was smooth and very professional. They did everything they said they would do and remarkably on schedule."
Since its founding in 1901, Walgreens has grown from a neighborhood pharmacy to opening its 7,000th store in 2010. Walgreens Corporation is now the largest drug retailing chain in the United States, operating in over 8,270 locations. Walgreens Corporation provides access to consumer goods and services, as well as pharmacy, health, and wellness services. Walgreens' store model as a "corner drugstore" has proven to be a success.
About Generational Equity
Generational Equity provides mergers, acquisitions, strategic growth advisory services, and information for privately held and family-owned businesses in order to allow them to exit their business successfully. Generational Equity uses a four-phase approach that includes education, financial analysis and reporting, sales documentation and deal-making ability to offer business owners an unparalleled level of commitment and experience, all focused on helping to release the generational equity and wealth in every business. Generational Equity is headquartered in Dallas, TX, has more than 200 professionals in North America, and was recently recognized by the M&A Advisor as the M&A Consulting/Advisory Service Firm of the Year. For more information visit their websites at www.genequityco.com, www.gecpress.com or http://blog.genequityco.com/.
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