Hy-Vee Expands Specialty Pharmacy Business

The Midwestern grocery chain has reached agreement to purchase specialty pharmacy solutions provider Amber Pharmacy.

Citing the growth of specialty pharmacy as an important focus for the company and its customers, Midwestern grocery store chain Hy-Vee Inc recently agreed to acquire specialty pharmacy solutions provider Amber Pharmacy in a deal that will significantly increase Hy-Vee’s existing offerings.

Since 2010, Nebraska-based Amber Pharmacy and Hy-Vee have collaborated on Hy-Vee Pharmacy Solutions, which provides specialty pharmacy services for Hy-Vee employees. In a company-issued press release, Hy-Vee said the acquisition will enable the chain to expand its current specialty pharmacy business, while providing customers with increased options and affordability.

“The partnership between Hy-Vee and Amber Pharmacy has been very successful over the last 4 years,” said Hy-Vee Inc Chief Executive Officer and President Randy Edeker in the press release. “Specialty pharmacy continues to experience tremendous growth. Amber Pharmacy’s talented team, innovative practices, and commitment to customer service will allow us to respond to that growth while meeting and exceeding our customer needs.”

Hy-Vee, which is based in Iowa, operates 235 stores in 8 states.

Hy-Vee said that following the partnership agreement between the two firms in 2010, the growing importance of specialty pharmacy prompted the company to sharpen its focus on expanding the services it offers to customers.

The acquisition is not expected to have a significant impact on current Amber Pharmacy employees, as the company will maintain its name and operations, along with its headquarters in Omaha and locations in Chicago, Dallas, and Philadelphia. The specialty pharmacy company is also anticipated to operate independently from Hy-Vee under current president Michael Agostino, RPh.

All Amber Pharmacy employees were retained as part of the agreement. The sale, which was approved by the boards of both companies, was expected to close by mid-March pending regulatory approval. Financial terms of the acquisition were not disclosed.

“The Kaplan family’s history with Hy-Vee, along with their commitment to customer service, health and wellness, makes them an ideal partner to grow Amber Pharmacy’s presence,” said William Kaplan Sr, whose family launched Amber Pharmacy in 1998, in the press release. “Together, we will continue to be trusted partners with our patients, healthcare providers, insurance payers, and manufacturers.”