LogicSource Announces Multi-year Partnership with Rite Aid®
NORWALK, CT – LogicSource, the innovative sourcing and procurement leader, is pleased to announce a multi-year agreement with Rite Aid Corporation to drive profit improvement by lowering operating and capital expenses for goods and services not-for-resale (GNFR). The partnership will allow the company to reinvest in the business, reduce debt, generate free cash flow and grow EBITDA.
“On behalf of all of us at LogicSource, I am thrilled to announce this new partnership with Rite Aid. We are excited to be supporting their transformational strategy and entry into new business opportunities. We will be working side by side with key stakeholders to provide strategic category expertise, as well as the sourcing execution resources necessary to achieve the identified goals over the next three years,” stated LogicSource CEO David Pennino.
Under the terms of the partnership, LogicSource is responsible for sourcing and managing over $1.4B of spend and will supply strategic sourcing expertise, market intelligence, next-generation spend analytics, scale leverage and better visibility into market cost.
“As a business on the front lines of the COVID-19 crisis, we understand that Rite Aid has to focus on the challenges right in front of them.” said Pennino. “Yet, despite today’s uncertainty, they still have big plans for the future. We are honored to combine forces with an essential business like Rite Aid in these unprecedented times, sharing some of the burden while helping them plan and execute for what comes next.”
LogicSource partners with its clients to implement innovative sourcing and procurement solutions designed by professionals with unmatched industry knowledge and expertise. Combined with over $25B of managed spend and pricing data, strategic supplier relationships, and their proprietary OneMarket® technology suite, LogicSource drives significant savings and process efficiencies for some of the world’s most recognizable businesses.
LogicSource was purpose-built to drive profit improvement for their clients through better buying. LogicSource focuses exclusively on the sourcing and procurement of goods and services not-for-resale, which typically represents 20% of a company’s revenue and the area of greatest spending inefficiency. Tested time and again in the marketplace, their proven engagement model builds profitable partnerships that achieve 4-15x ROI. Learn more at www.logicsource.com.