Alan Fullerton advised Nyer Medical Group (Nasdaq:NYER) in the $19 million sale of Eaton Apothecary to Walgreens
Nyer Medical Group, Inc., (Nasdaq: NYER) divested a substantial portion of its Eaton Apothecary retail business to Walgreen Eastern Co., Inc., including the sale of prescription files and inventory of a total of 12 neighborhood pharmacies which includes the assignment of eight leases, for a purchase price, subject to certain adjustments, of $12.0 million plus up to $5.75 million of qualifying inventory and $1.1 million of operating equipment.
In addition, Nyer its subsidiary DAW entered into a definitive agreement with certain management investors for the sale of the stock of DAW following the closing of the Walgreens transaction, under which Nyer will receive a benefit of $1,500,000 after giving effect to liabilities to be retained by DAW. Alan Fullerton, now a partner at Mirus Capital Advisors, was the advisor to NYER and the special committee of its Board of Directors in the transactions.
In conjunction with these transactions, following which Nyer would have no remaining assets other than the cash received from the transactions, Nyer intends to proceed with the orderly liquidation and dissolution of Nyer Medical Group, Inc.
“As President of DAW and Nyer Medical Group, my primary duty is to maximize shareholder value, which I believe these transactions do,” said Mark Dumouchel. “However, I am happy to say that Walgreens’ interest in Eaton Apothecary has been beyond buying only pharmacy files — they will continue to operate a majority of the 12 pharmacies as well as hire all eligible employees at the 12 locations. In addition, the sale of our subsidiary’s stock to an investor group insures that virtually all employees will retain their positions while all our customers will continue to receive the quality service to which they have grown accustomed. We believe these transactions together, yield the best outcome for our shareholders, customers and employees.”
About Mirus Capital Advisors:
Mirus Capital Advisors, Inc. provides investment banking solutions to middle market corporations in targeted technology, manufacturing, business and industrial services, consumer products, and hospitality industries. The firm?s services include merger advisory, private equity raising, and valuation services for entrepreneurs, corporations and professional financial investors.Back to Transactions