Business Services Industry
Rite Aid sells ADAP Inc
Business Wire, May 15, 1995
CAMP HILL, Pa.--(BUSINESS WIRE)--May 15, 1995--Rite Aid Corp. (NYSE/PSE:RAD), Monday announced the sale of ADAP Inc. to an investment group led by Falcon Capital Inc. for an aggregate consideration of approximately $66 million.
The transaction which closed on May 12, 1995 is subject to certain adjustments primarily based on the results of physical inventories. ADAP is New England's leading specialty retailer of automotive parts and accessories with 98 stores in six states.
The sale of ADAP is the final part of Rite Aid's program announced in January 1994 to focus resources entirely on the drugstore segment. Previously Sera-Tec Biologicals, Encore Books and Concord Custom Cleaners were divested.
Rite Aid operates over 2,800 drugstores in 23 eastern states and the District of Columbia.
CONTACT: Rite Aid Corp., Camp Hill
Frank Bergonzi, 717/975-5750
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