Apria Acquires Housecall Business
Apria Healthcare, Lake Forest, Calif., has acquired Knoxville, Tenn.-based Housecall Medical Resources' respiratory therapy, HME and infusion locations in Tennessee and Florida. Housecall CEO John Heller said the transaction will help fund growth of Housecall's core businesses, home health nursing and hospice.
Eckerd Goes to Jean Coutu, CVS
JCPenney will sell its Eckerd drugstore operations for $4.5 billion. The Jean Coutu Group, based in Quebec, will acquire 1,539 Eckerd drugstores and facilities in 13 states in the Northeast and Middle Atlantic, as well as the Eckerd home office in Florida, for $2.375 billion. CVS, Woonsocket, R.I., will acquire 1,260 Eckerd stores in the remaining southern states, principally Florida and Texas, along with Eckerd Health Services, the drug chain's $1 billion pharmacy benefit management and mail order business, for $2.15 billion. The addition of Eckerd Health to CVS' PharmaCare subsidiary will create a national mail order, pharmacy benefits management and specialty pharmacy company with annual revenues in excess of $2 billion, according to CVS Chairman, President and CEO Tom Ryan.
VGM Sells Financial Division
The VGM Group, Waterloo Iowa, has sold its financial services division, VGM Leasing Inc., to TCF Leasing, a subsidiary of Wayzata, Minn.-based TCF Financial Corp. VGM Leasing was one of 18 companies affiliated with VGM. Ownership and operations of other VGM companies were not affected.
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