Seller: Ritzman Pharmacies
CVS acquires Ritzman Pharmacies
MEDINA, Ohio — CVS Health has acquired Ritzman Pharmacies Inc. with plans to close almost all of its 20 Ohio stores and transfer the prescription files. Terms were not disclosed.
Ritzman’s units in Akron and Berlin, will be rebranded CVS Pharmacy. The Ritzman locations in Rittman, Shreve, Sugarcreek, Wooster – Milltown, Medina – River Styx, Millersburg, Barberton, Wadsworth, Norton, Seville, Green, downtown Wooster, Ashland, Orrville, Medina – Forest Meadows, Dover, and Jackson will be shuttered, with their prescription files being transferred to nearby CVS Pharmacy stores.
Ritzman is withdrawing its participation in its joint venture pharmacy with Northeast Ohio Medical University (NEOMED). NEOMED will be reviewing its options for handling the venture’s pharmacy business.
The acquisition is expected to be completed by the end of February. The companies are working to ensure the transition will be seamless for customers and their access to pharmacy care is not interrupted. CVS also expects to interview any Ritzman employee who is interested in joining the Rhode Island-based chain.
Ritzman owns a management company, VAR, that will continue its management of Summa’s Home Infusion.
“This has been a lengthy process for Ritzman Pharmacy,” said president and CEO Eric Graf, “including engaging the investment community, local and national chains, as well as private equity. We have worked hard to sustain the independently operated community pharmacy model and are disappointed to bring it to a close, but it is time to pass our retail business to a company with more resources.
“While change is always difficult, especially after almost 70 years in business, customers and patients will benefit from having a wide range of products and services available and continued pharmacy care.”
“CVS Pharmacy knows that Ritzman Pharmacy has been providing trusted pharmacy care for its patients for decades and we are excited to continue that tradition,” said CVS division vice president Everett Moore. “We are looking forward to introducing our industry-leading products and services to Ritzman patients and are committed to ensuring that their pharmacy needs are not only met, but exceeded.”
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