Practice Transitions Group recently announced the sale of Peoples Rx to Kimberli Wiley, owner of CPRx Pharmacy in Austin. Thomas Allen of PTG represented the seller in the transaction.
Bill Swail opened the first Peoples location in Austin in 1980 and spent four decades building it into one of the city’s best known independent pharmacy and wellness brands. The business now operates four retail locations and a compounding lab. After Swail’s death, ownership passed to a family trust, with Stephen Erickson serving as CEO.
PTG brought the business to market and managed the process through closing. Wiley acquired all four locations and the lab and steps in as CEO, with Victory Medical Center financing the purchase and joining as a clinical collaborator. Peoples Rx will remain independent, and the leadership team stays in place with Erickson consulting through the transition.
“This was a family passing on their dad’s business to someone they trusted to take care of it,” said Thomas Allen, Founder and CEO at Practice Transitions Group. “A lot of the work here was walking a buyer through a process she hadn’t been through before and keeping everyone at the table until it closed.”
Read the full announcement in CultureMap Austin.
If you own a healthcare business with a long history in your market and have questions about what it is worth or what a sale process actually looks like, contact our team directly.
