Camp Hill, PA-based Rite Aid plans to sell 865 stores to Memphis, TN-based Fred’s Inc. for $950 million, in an effort to assuage antitrust concerns surrounding its proposed merger with Deerfield, IL-based Walgreens Boots Alliance Inc. The sale would make Fred’s one of the biggest pharmacy chains in the U.S.
Walgreens is the world’s largest retail pharmacy chain, and has 13,200 stores globally, including more than 630 in California. Rite Aid has 4,570 stores in the U.S. and roughly 630 in California. Once regulators approve the sale, the proposed $9.4-billion merger is expected to close at the start of next year.
BofA Merrill Lynch and Regions Bank will provide financing to Fred’s for the acquisitions. A.T. Kearney advised Fred’s. BofA Merrill Lynch served as financial adviser for Walgreens Boots Alliance, and Citi advised Rite Aid.
Walgreens expects the merger to generate more than $1 billion in savings and other efficiencies in the first three to four years.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.