Terry White has announced plans to offer every franchisee the opportunity to buy equity in Terry White Chemists next year, after successfully buying back the brand from Symbion Pharmacy Services.
The multi-million dollar buyout will see Terry White once again head up the chemist chain bearing his name, along with six other pharmacist owners.
Mr White said the deal was a win for individual pharmacists, a win for the customers and a win for Symbion.
"Our goal is to bring the pharmacy brand back from corporate to independent. Pharmacies and the relationships people have with their local pharmacist are an important part of the Australian community, and this is about bringing the personal touch back to the franchise company," he said.
"Importantly, this move brings certainty and stability to the company's franchisees. It also presents an important growth opportunity for Symbion."
Mr White said the takeover would have no impact on the employees of Terry White Management.
He also revealed that Terry White Chemists would allow franchisees to access their recent acquisition - online pharmacy Pharmacy Direct - to grow online Terry White Chemist business in the future.
"These are exciting times for Terry White members to harness the strength of small business and behave as a compliant national brand to deal with the competitive pressures of the future," Mr White said.
Terry White Chemists has 150 stores, 4,000 employees and revenue of $900 million.