Pharmacy merges with Houchens to expand locations

Published 12:00 am Thursday, April 2, 2009

After 20 years in Bowling Green, Sheldon’s Express Pharmacies has been acquired by Houchens Industries, a Bowling Green-based conglomerate.

The businesses joined Wednesday after officials from both operations decided the merger would allow the pharmacy to expand. The pharmacy operates at two locations in Bowling Green: one on Fairview Avenue and one that recently opened on Campbell Lane.

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“It was a mutual thing,” said Steve Sheldon, original owner of Sheldon’s Express Pharmacies. “We saw an opportunity to expand the services we offer here to the outlying communities and also to be able to share the company with the employees.”

Houchens Industries is employee-owned.

Officials declined to comment on the amount paid for Sheldon’s pharmacies.

Sheldon will remain on board as president and CEO of Sheldon’s and the pharmacies will not change, said Spencer Coates, president of Houchens Industries.

“We try to buy good businesses and try not to mess them up,” Coates said. “We think this is a model Steve can roll out in several communities.”

Houchens plans to open more Sheldon’s pharmacies throughout the region, though they are not yet sure where they will be located or how many additional pharmacies will open, Sheldon said.

“We wouldn’t have been interested in this if we didn’t think it was a great model that could expand,” Coates said. “We’re looking at various communities that are underserved and looking at it by a case-by-case basis.”

Houchens owns other pharmacies that are part of Beuhler’s Foods stores in northern Indiana.

About 40 to 50 employees work at Sheldon’s, and the acquisition allows the pharmacies to “offer them additional benefits we never could offer,” Sheldon said.

“And we’ll be able to tell our customers we’re going to be here as long as they need it and not worry about the resources to do so,” he said.

Sheldon said business has been strong – last quarter was the busiest in the past few years – and the economy played no role in the decision to merge.

“It was really done more for the loyal customers and employees we’ve had,” Sheldon said. “(Employees) were, without exception, absolutely elated.”