Well Pharmacy has announced the acquisition of Lexon UK Holdings and Asurex Limited, a family-owned pharmaceutical wholesaler with five depots in Redditch, Leeds, Durham, East Kilbride and Dublin and a network of community pharmacies across the Midlands, Northwest, and Northeast of England.
Lexon, is a family-owned business which has been in operation for over 25 years, running primarily as a pharmaceutical wholesaler for 3,000 retail pharmacy customers across the UK and Ireland.
The business also operates 42 community pharmacies -- currently trading as Knights Pharmacy -- and is also a specialist developer and manufacturer of generic pharmaceuticals and is a data and solutions provider to pharmacy.
The acquisition will be notified to the Competition and Markets Authority (CMA).
Both parties have proactively engaged with the CMA in pre-notification discussions and look forward to continuing to do so productively during the CMA review period.
Haider Choudrey, CFO of Bestway Group which own Well Pharmacy, said: “Through this acquisition we seek to augment our growth momentum and bring in even greater benefits to both community pharmacies and patients. Well Pharmacy had been searching for a target to expand its footprint and complement its growth trajectory and we are confident that Lexon fits this criterion.”
Seb Hobbs, CEO Well Pharmacy, said: “We’re delighted to be welcoming the 1,200 strong team at Lexon and Asurex to Well and the broader Bestway family, and are excited at the chance to grow our business to support even more customers and patients than ever before.
"We know that Lexon share our ethos as a values-orientated family business and that by bringing together our expertise we will be able to grow all aspects of our business by building on each other’s strengths. These are incredibly challenging times for community pharmacy, so we’re really pleased to be able to have an opportunity to show our commitment to the sector, now and into the future.”
Anup Sodha, who remains Managing Director at Lexon, said: “Colleagues should look forward to a bright future, with the added security of being part of a larger group with the investment, opportunities and benefits that will provide.
"Both businesses, being independent and family-owned, share similar cultural values and have the common goal of providing exceptional service and value to pharmacy, our patients and our supply chain.”
Anand Sodha will remain within the business to ensure the smooth integration of all the Norchem Pharmacies into the Well group, while Nimesh Sodha will continue to lead Key Pharmaceuticals.
Hobbs added: “We are excited and ready for the challenges ahead. We are committed to listening and learning from each other as we build a stronger company which benefits all stakeholders and improves the lives of our patients and customers.”
Sukhi Basra