After closing the four Mallatt’s Pharmacy and costume retail locations in Madison, Lodi and Waunakee, Mike Flint is selling the remaining businesses — two that provide pharmacy services for institutions and another that provides home health care.
Flint, 60, said Friday that he and his employees are selling the two Mallatt’s Homecare Pharmacy locations, at 3250 Kingsley Way in Madison and in Menomonee Falls, along with Interim HealthCare of Wisconsin to Guardian Pharmacy of Wisconsin.
Flint will remain president and continue to have minority ownership in the three companies, while all of the company’s 168 employees will be retained. Guardian Pharmacy of Wisconsin is part of Guardian Pharmacy Services, founded in 2004 and based in Atlanta.
GPS is the nation’s third-largest institutional pharmacy company and operates 32 pharmacies in 15 states. The purchase of Flint’s operations will mark its first venture into Wisconsin and allow the pharmacies to better compete as more nursing homes and other institutions are consolidated and typically look to larger organizations for services, Flint said.
“They don’t want to deal with local independents. They want to deal with national players, and Guardian has created a network of independent pharmacies,” Flint said. “We’re excited about the opportunity. What I can do and my staff can do is concentrate on health care. We just have more horsepower behind us.”
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Adolph Mallatt founded Mallatt’s in 1926 on State Street and moved to Monroe Street in 1941. Flint, a graduate of the pharmacy school at UW-Madison, started working at Mallatt’s as a clerk in 1979 and bought the business from Bill Mallatt in 1992. He purchased Shafer Pharmacy on Williamson Street in 2010 and, in 2012, purchased Harris Pharmacy’s two stores in Waunakee and Lodi.
The Mallatt’s store on Monroe Street began setting up daily dosages for patients in the mid 1990s and later expanded the business into space next door. He opened the Mallatt’s Homecare Pharmacy location on Kingsley Way in 2003, a business that employs about 62 people. He purchased the Menomonee Falls location, which now has about eight employees, in 2015. Flint purchased Interim HealthCare of Wisconsin in 2012, a company that now employs about 98 people in the Madison area.
In the fall of 2016, the Monroe Street and Williamson Street stores ended pharmacy services but remained open for their costume sales and rentals and then closed in February 2017. The stores in Waunakee and Lodi also ceased pharmacy services in October 2016 and closed in the fall of 2017.
The agreement with Guardian, which was approved by the employee owners of Mallatt’s and Interim, will retain the Mallatt’s name on the Homecare pharmacies and is expected to close on April 1.
“Over the last three years, there’s been a lot going on,” Flint said. “You have to move in the right direction, and we think this is a perfect fit for us.”