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Bestway Group subsidiary Well Pharmacy has announced the acquisition of Lexon UK Holdings and Asurex Limited, pharmaceutical wholesalers for an undisclosed sum.
Lexon is a family-owned business which has been in operation for over 25 years.
It operates “primarily” as a pharmaceutical wholesaler serving 3,000 retail pharmacy customers across the UK and Eire from five sites and operates 42 community pharmacies.
Lexon is also a specialist developer and manufacturer of generic pharmaceuticals and a data and solutions provider to pharmacies.
Well Pharmacy said that the acquisition will be notified to the Competition and Markets Authority (CMA) and that both parties have “proactively engaged with the CMA in pre-notification discussions and look forward to continuing to do so productively during the CMA review period”.
Anand Sodha, managing director of Lexon will remain within the business to ensure the “smooth integration” of all the Norchem Pharmacies into the Well group, while Nimesh Sodha will continue to lead Key Pharmaceuticals.
Haider Choudrey, Bestway Group CFO, said: “Through this acquisition we seek to augment our growth momentum and bring in even greater benefits to both community pharmacies and patients. Well Pharmacy had been searching for a target to expand its footprint and complement its growth trajectory and we are confident that Lexon fits this criterion.”
Seb Hobbs, CEO Well Pharmacy, added: “We’re delighted to be welcoming the 1,200 strong team at Lexon and Asurex to Well and the broader Bestway family, and are excited at the chance to grow our business to support even more customers and patients than ever before.
“We know that Lexon shares our ethos as a values-orientated family business and that by bringing together our expertise we will be able to grow all aspects of our business by building on each other’s strengths. These are incredibly challenging times for community pharmacy, so we’re really pleased to be able to have an opportunity to show our commitment to the sector, now and into the future.”
Sodha said: “Colleagues should look forward to a bright future, with the added security of being part of a larger group with the investment, opportunities and benefits that will provide. Both businesses, being independent and family-owned, share similar cultural values and have the common goal of providing exceptional service and value to pharmacy, our patients and our supply chain.”
