CVS/pharmacy acquires more than 700 high-performing Sav-on and Osco drugstores from Albertsons

On the heels of successfully integrating 1,260 Eckerd stores, the CVS/pharmacy family has grown once again. In January, we announced our decision to purchase 703 freestanding Osco and Sav-on drugstores, as well as a drug distribution center located in La Habra, California, from Albertsons. This change marks the beginning of another exciting chapter in our company’s history.

“This is a great opportunity for our company, at a very opportune time,” said Tom Ryan. “Our company is firing on all cylinders, including the stores we acquired from Eckerd, which are now fully and successfully integrated, and in the midst of a sales turnaround with great momentum. Likewise, our core business is continuing to achieve solid results. We are ready for this integration.”

Combined with our current locations, the new stores will give CVS/pharmacy 6,100 locations in 42 states and the District of Columbia, further solidifying our position as the nation’s leading pharmacy. Approximately half of the new stores are located in Southern California. This gives us immediate leadership in high-growth markets such as Los Angeles, Orange County and San Diego.

Although we previously operated 19 successful stores in California, this acquisition allows us to build a market presence much faster than we could by opening individual stores one at a time. This is especially true in California where real estate is expensive and hard to come by. The acquisition also gives us a greater presence in several of our existing markets, including high-volume stores in Arizona, Illinois, Indiana and Missouri.

Expansion through acquisition has been a part of our history and our culture. In fact, after this transaction, about 40 percent of our company will be made up of colleagues who joined CVS/pharmacy as part of an acquisition.

“From pharmacists to crew members to store and field managers to our senior management team, those who’ve joined us through acquisition are making important contributions to our company every day. Clearly, we owe a great deal of our success to these colleagues,” said Tom.

Our new colleagues from Sav-on and Osco are talented individuals with a track record of operating successful drug stores. These associates know their market and their customers, and have an excellent reputation for execution and service.

“Our new colleagues come from a company with a similar mission and value system, and we’re confident they will help make things ‘CVS easy’ for our new customers and further enhance our position as the leading pharmacy in the market,” said Tom.