Law Firm Advises On Major Deal In Pharmacy Sector
Irwin Mitchell has advised Lexon UK Holdings and Asurex Limited on its sale to Bestway Group subsidiary Well Pharmacy.
Lexon is a family-owned business which has been in operation for over 25 years. It operates primarily as a pharmaceutical wholesaler serving 3,000 retail pharmacy customers across the UK and Eire from five sites. The business also operates over 40 community pharmacies which currently trade as Knights Pharmacy.
The acquisition will be notified to the Competition and Markets Authority (CMA). Both parties have proactively engaged with the CMA in pre-notification discussions and look forward to continuing to do so productively during the CMA review period.
Irwin Mitchell partner Nick Dawson alongside Tom Wisniewski, Alex Bloomer and Greg Mazgajczyk from the corporate team advised Lexon. Colleagues from Irwin Mitchell’s corporate tax, commercial, property, employment, IP, and banking teams also supported the deal.
Expert Opinion“We have worked closely with the management team at Lexon for a number of years and I’m delighted to have advised on this major deal for the business. This has been a real team effort from the advisory community and I’m incredibly proud of the support from across Irwin Mitchell that we’ve provided to help get this transaction over the line.” Nick Dawson, Irwin Mitchell Corporate partner
Anup Sodha, who remains Managing Director at Lexon, said: “Colleagues should look forward to a bright future, with the added security of being part of a larger group with the investment, opportunities and benefits that will provide. Both businesses, being independent and family-owned, share similar cultural values and have the common goal of providing exceptional service and value to pharmacy, our patients and our supply chain.”
The Honourable Haider Choudrey, Bestway Group CFO, said: “Through this acquisition we seek to augment our growth momentum and bring in even greater benefits to both community pharmacies and patients. Well Pharmacy had been searching for a target to expand its footprint and complement its growth trajectory and we are confident that Lexon fits this criterion.”
Seb Hobbs, CEO Well Pharmacy, said: “We’re delighted to be welcoming the 1,200 strong team at Lexon and Asurex to Well and the broader Bestway family, and are excited at the chance to grow our business to support even more customers and patients than ever before.
“We know that Lexon share our ethos as a values-orientated family business and that by bringing together our expertise we will be able to grow all aspects of our business by building on each other’s strengths. These are incredibly challenging times for community pharmacy, so we’re really pleased to be able to have an opportunity to show our commitment to the sector, now and into the future.
“We are excited and ready for the challenges ahead. We are committed to listening and learning from each other as we build a stronger company which benefits all stakeholders and improves the lives of our patients and customers.”