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CVS buys Ritzman Pharmacies, closes all but three sites

January 10, 2019

By: Adam Burroughs

Ritzman Pharmacies is selling all of its 20 Northeast Ohio retail pharmacies to CVS Pharmacy, which will close all but three of the stores.

“We have worked hard to sustain the independently operated community pharmacy model and are disappointed to bring it to a close,” Ritzman CEO Eric Graf said, “but it is time to pass our retail business to a company with more resources.”

  • CVS will operate the Akron and Berlin stores in the same locations with the same staff.
  • All remaining stores will close and pharmacy files will be transferred to nearby CVS stores.
  • Ritzman-owned VAR will continue its management of Summa’s Home Infusion.
  • Ritzman is withdrawing its participation in its joint venture pharmacy with Northeast Ohio Medical University (NEOMED).
  • The deal is expected to close by the end of February.

PRESS RELEASE

MEDINA, Ohio–(BUSINESS WIRE)–Ritzman Pharmacies, Inc., announced today that it plans to sell its 20 retail pharmacies to CVS Pharmacy. Ritzman Pharmacy primarily services markets in northeast Ohio.

CVS Pharmacy plans to operate in the same locations with the same staff in the Akron and Berlin stores. The Ritzman Pharmacy locations in Rittman, Shreve, Sugarcreek, Wooster Milltown, Medina River Styx, Millersburg, Barberton, Wadsworth, Norton, Seville, Green, Wooster Downtown, Ashland, Orrville, Medina Forest Meadows, Dover, and Jackson will close and all pharmacy files will be transferred to nearby CVS Pharmacy stores. Ritzman Pharmacy is withdrawing its participation in their joint venture pharmacy with Northeast Ohio Medical University (NEOMED). NEOMED will be reviewing its options for how they will handle the pharmacy business.

CVS Pharmacy’s acquisition of Ritzman Pharmacy is expected to be completed by the end of February. The companies are working closely together to ensure the transition will be seamless for customers and their access to pharmacy care is not interrupted. CVS Pharmacy also expects to interview any Ritzman Pharmacy employee who is interested in joining the CVS Pharmacy team.

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 Eric Graf, President and CEO of Ritzman, “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,” Graf said. The Ritzman Pharmacy owners extend a heartfelt expression of gratitude to the patients, customers, associates and communities who have supported Ritzman Pharmacy for these many years. “We wish our customers, our associates and their families a healthy future.”

“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 Everett Moore, Division Vice President for CVS Pharmacy. “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.”

About Ritzman Pharmacies:

For over 65 years, Ritzman Pharmacies has created a legacy dedicated to providing quality products, professional excellence and genuine service beyond the commonplace. This standard was established by our founder, Forrest Ritzman, in 1950 and continues today in each of the communities we serve.

Twitter: @RitzmanPharmacy

Facebook: facebook.com/RitzmanPharmacy

Instagram: instagram.com/Ritzman_Pharmacies

Contacts

Beth Husted, SVP, Pharmacy & Customer Care Services

P: 330 335 2318 | E: [email protected]

 

David Hendler, COO

P: 330 335 2318 | E: [email protected]