SPRINGFIELD, Ill. — H.D. Smith has finalized its acquisition of Valley Wholesale Drug.
The pharmaceutical distributor said Friday that under the agreement announced in mid-October, Valley Wholesale will be run as a wholly owned subsidiary of H.D. Smith. Terms of the deal weren’t disclosed.
Plans call for day-to-day operations of the subsidiary to be run by Stephen Shoneff, former chief executive officer of Valley Wholesale. He will be based at the Stockton, Calif., facility where Valley Wholesale had its headquarters and distribution center.
"The close of the acquisition of Valley Wholesale Drug marks a significant step in our strategy to continue growing our national footprint to serve more independent pharmacists across the country, especially in the critical market of California, and moving forward, into the Pacific Northwest," Dale Smith, chairman and CEO of H.D. Smith, said in a statement.
"We will continue to focus on exceptional service to our core customers – the retail independent pharmacy — and we will be well-served to execute on this objective under the leadership of Stephen Shoneff, who has managed the Valley Wholesale Drug business successfully during the last 26 years," Smith added.
