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news.Ascendant Solutions has announced that its healthcare subsidiary, Dougherty's Holdings sold its Medicine Man pharmacies to Pharmacy Operations, a subsidiary of Medicine Shoppe International, on April 11, 2008.
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These stores will now operate under The Medicine Shoppe name.
The company acquired the Medicine Man pharmacies through an acquisition of assets as part of Park Pharmacy’s bankruptcy reorganization in March 2004. Since that time, the company operated these three pharmacies in Alvin, Angleton and Santa Fe, Texas under the company’s healthcare segment. The company will use proceeds of the Medicine Man sale to fund additional acquisitions.
David Bowe, president & CEO of Ascendant Solutions, said: “We are pleased to have completed this divestiture and look forward to having additional capital resources to redeploy in future acquisitions.”