The Arrow Corp. said it has officially acquired the 14-store pharmacy of
Kaiser Permanente’s Northeast Division.
It is the third major acquisition in less than 60 days for Arrow. The company
said that the transactions have added a total of 48 new stores and $100
million in sales and helped increase system-wide annualized revenues to $250
million in 1999, an increase of
Together with its new FamilyMeds.com online store, they are
part of the company’s “clicks and mortar” growth strategy for 2000.
The company expects “continued growth in sales and earnings over the next
three years through an increase in Internet business and a combination of
organic expansion and new store acquisitions,” said Ed A. Mercadante,
president and chief executive officer of Arrow.
He noted that the company’s FamilyMeds.com sales have grown exponentially
over the last four months to over $280,000 in December 1999 and we expect
that level of growth to continue throughout 2000.”
Earlier in December Arrow announced the acquisitions of the 18-store Super
Sav-On Drug chain based in Amory, MS and the 16 pharmacies owned by KPC
Medical Management, a physician practice management company based in
FamilyMeds.com was launched in August with the backing of investors including
ABS Capital Partners, Goldman Sachs, Pacific Venture Group, Conning & Company,
Northwestern Mutual Life Insurance Company, HLM/CB Fund, Oxford Bioscience
Partners and International Capital Partners.
The company has established relationships with TheSeniorNetwork.com,
Complexions Rx, Homecare America and BioTherapies Inc. to offer online
consumers a combination of products and expert advice.