Acquisition News--Medicine Shoppe, Medicap; Glass Doctor, Harmon AutoGlass
St. Louis-Medicine Shoppe, a 1,200 unit drugstore brand of Cardinal Health, will purchase Iowa-based Medicap Pharmacies, a 179-unit franchiser, for $400 million. The sale is not expected to significantly change Medicap pharmacies, because the units are owned by franchisees. -Merican City Business Journals/St. Louis.
Waco, Texas-The Dwyer Group Inc., parent company of Glass Doctor, has completed its purchase of Harmon AutoGlass for an undisclosed amount. The Dwyer Group acquired all the stock of Harmon AutoGlass from Bloomington, Minnesota-based Apogee Enterprises Inc.
Glass Doctor now is the country's largest auto glass retail chain, with 374 stores, and the country's only national full-service glass retailer serving the auto, home and business sectors. Harmon's 264 stores have been coupled with Glass Doctor's 110 stores. According to Apogee, the stock sale is part of a long-term strategy to focus on its architectural glass and picture framing glass businesses.
The Dwyer Group was purchased in October by an affiliate of New York-based private equity firm The Riverside Co. as part of a leveraged buyout. Synergistic International Inc., a subsidiary of Dwyer, does business as Glass Doctor. The Dwyer Group's other franchise concepts include Mr. Rooter, Rainbow International, Mr. Electric, Mr. Appliance and Aire Serv. -Austin Business Journal