Calgary Co-op has agreed to become the majority shareholder in Care Pharmacies, a network of independent retail pharmacies across Canada.
Neither company released details about the agreement, like valuations or terms.
Headquartered in Vaughan, Ont., and founded in 2013, the pharmacy chain has 56 locations in provinces like P.E.I., Nova Scotia, Ontario, Saskatchewan, Alberta and British Columbia, and the company says it’s the largest group of independent retail pharmacies controlled by licensed pharmacists in the country. There are 25 Care Pharmacies in Ontario and 15 in British Columbia. Alberta’s lone location is in Manning, Alta.
Calgary Co-op’s CEO Ken Keelor said the acquisition, which still is subject to closing conditions and regulatory approvals, is a “tremendous fit” with the cooperative’s focus on growing its health and wellness business.
“This acquisition will follow enhancements we’ve made to our own pharmacies over the last few years, the earlier acquisitions of Beacon Pharmacies and Community Natural Foods, and continued growth and enhancements to our Home Health Care business. We are pleased to diversify our investment in communities across Canada,” Keelor said in a statement.
Calgary Co-op already has $700 million in real estate assets and $1.3 billion in annual sales.
After the transaction closes, Care Pharmacies will continue operations as a separate entity and retain its leadership team, including CEO Ali Reyhany.
“We saw a strong alignment of values between Care Pharmacies and Calgary Co-op,” Reyhany said in a statement. “As hubs within our communities, we know that Care Pharmacies will continue to be strong beacons of trust and service for Canadians and their health and wellness. We have found a great partner in Calgary Co-op and we look forward to continuing to grow our business across Canada.”
Calgary Co-op counts more than 400,000 members and 3,850 employees.