ALCO EXTENDING REACH IN SOUTHEAST U. S. THROUGH VALDOSTA DRUG
ALCO EXTENDING REACH IN SOUTHEAST U. S. THROUGH VALDOSTA DRUG acquisition, announced aby Alco in an Aug. 27 press release. Based in Valdosta, Georgia, the formerly privately-held Valdosta Drug will complement Alco Health Services' current drug whsle. operations in the area, which include Duff Brothers in Chattanooga, Tenn., and Geer Drug, based in Charleston and Greenville, South Carolina. Valdosta Drug is a full-service whsl. drug company with annual sales in excess of $20 mil. According to the release, "Valdosta will continue at its present location under the leadership of its president Bobby Kent." The cash acquisition price was not disclosed. Valdosta is Alco's first acquisition since the completion of its initial public offering of common stock on Aug. 15. In late July, Alco announced that it would be offering 4.7 mil. shares "to continue its program of acquiring distributors of health care and related products and other business which provide related customer services" ("The Pink Sheet" July 29, T&G-12). Alco raised approximately $70 mil. from the Aug. 15 offering.
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