Hogan Lovells Advises Bestway Group on £620m Acquisition of the Co-op Pharmacy
18 July 2014
18 July 2014 - Hogan Lovells has advised the Bestway Group on the acquisition of the Co-operative Group's Pharmacy business for £620 million. The transaction was announced today and is expected to complete in October 2014.
Bestway is the UK’s eighteenth largest privately owned company and seventh largest family-owned business. Among the businesses within its international group, Bestway is the UK’s second largest independent wholesaler serving 125,000 independent retailers and caterers from 64 warehouses nationwide.
The agreement follows a formal sale process initiated by The Co-operative Group reflecting its decision that the Pharmacy business was not part of its future strategy. The sale will enable the Co-operative Group to focus on its core retail and consumer services divisions.
The Hogan Lovells team advising the Bestway Group was led by corporate partner Tom Brassington, supported by banking partner Jo Robinson and corporate Of Counsel, Philip Corser.
Commenting on the transaction, Tom Brassington said:
"Hogan Lovells has worked with Dawood Pervez and the Bestway team for a number of years and we were extremely happy to assist with this major acquisition for the group. The Co-op Pharmacy's focus on supporting and servicing the needs of local communities makes it a natural fit with Bestway's existing portfolio of businesses."