Ascendant Solutions, Inc. (Pink Sheets: ASDS) ("Ascendant" or the "Company") today announced that its Healthcare subsidiary, Dougherty's Holdings, has acquired Family Pharmacy ("Family"), located in Lewisville, Texas and has combined Family's operations with Dougherty's Pharmacy location at Forest Park Medical Center. Since 2012, Family Pharmacy has provided retail prescriptions to its customers primarily by using state-of-the-art automated compliance packaging not found at most retail pharmacies.
The Family acquisition represents the first step in Ascendant's previously announced growth strategy to acquire well-run independent pharmacies, primarily in Texas and the southwestern U.S. Ascendant expects the Family Pharmacy acquisition to add approximately $4 million in annual revenues to Ascendant's results.
Mark Heil, President and CFO of Ascendant, stated, "We are very excited about the acquisition of Family Pharmacy by our subsidiary, Dougherty's Holdings, and we look forward to expanding revenues and service offerings at Dougherty's Forest Park location. This acquisition fits nicely into our strategy of expanding our retail pharmacy business in the Texas region and also allows us to offer Family's unique multi-dose compliance packaging as an alternative for Dougherty's existing customer base.
"We are confident that Family Pharmacy's customers will be pleased with the additional products and services that Dougherty's will be able to offer them while continuing to provide the personalized customer service they have been receiving."
Ascendant Solutions, Inc.