Agreement reached between two leading hospital pharmacy providers as well-known owners reveal plans to depart from their pharmacy interests
Slade Pharmacy has announced it has reached an agreement to acquire the hospital pharmacy interests owned by Stuart Giles and Cathie Reid under the Epic Pharmacy brand.
David Slade, managing director of Slade Pharmacy revealed the agreement on Wednesday.
Mr Slade has a strong background in hospital pharmacy, leading the 55-year-old Slade Pharmacy business which was founded by his father Graham Slade.
“To bring together two long-term businesses with a history of exceptional patient care is an exciting evolution. Epic’s 30 years in the industry has been innovative and I look forward to building on this further as I take over the Epic Pharmacy interests from Stuart and Cathie,” he said.
This transaction will see Mr Slade assume the role of Managing Director across both Epic and Slade Pharmacy businesses, with the acquisition expected to complete subject to relevant regulatory approvals on 30 September 2020.
The addition of Epic pharmacies with see Mr Slade expand his ownership to all states across Australia and the ACT.
Stuart Giles and Cathie Reid said they have made the decision to “execute the succession of their pharmacy interests” as they are intending to spend more time overseas in line with their eldest child’s acceptance to university in the UK – dependent on COVID-19 impacts.
Ms Reid said: “Stuart and I entered into Epic Pharmacy in 2002 as part of a succession plan within the original founding partnership. We have worked alongside David for many years, including as partners in several pharmacies, and have the utmost respect for his approach.
“We believe the succession of Epic to David via this transaction will once again provide opportunity for growth within the business.”
As part of the transaction, the Epic aged care pharmacies will be also be acquired by an external party.