January 2, 2024
FOR IMMEDIATE RELEASE
Calgary Co-op to Acquire Care Pharmacies
Calgary Co-op continues to expand its Health and Wellness offering by entering into a definitive agreement to acquire a trusted national retail pharmacy brand.
January 2, 2024 – CALGARY – A wholly owned subsidiary of Calgary Co-op has entered into a definitive agreement to become the majority shareholder in Care Pharmacies, with the transaction expected to close in the first quarter of 2024, subject to the satisfaction or waiver of customary closing conditions, including the receipt of required regulatory approvals.
Care Pharmacies was founded in 2013, and is currently the largest group of independent Canadian retail pharmacies controlled by licensed pharmacists. It is headquartered in Vaughan, Ontario, and has 56 drugstores located in five Canadian provinces. Each drugstore prioritizes patient care, and often also serves as the retail shopping and pharmacy hub within the respective communities in which it operates.
Says Ken Keelor, CEO, Calgary Co-op, “We believe that Care Pharmacies will be a tremendous fit with our focus on growth in health & wellness, led by Pharmacy and supported by Natural Foods and Home Health Care. 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 & enhancements to our Home Health Care business. We are pleased to diversify our investment in communities across Canada.”
Says Ali Reyhany, CEO of Care Pharmacies, “We saw a strong alignment of values between Care Pharmacies and Calgary Co-op. 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.”
After the closing of this transaction, Care Pharmacies will continue to operate as a separate entity. Ali Reyhany, CEO of Care Pharmacies as well as the rest of the Care leadership team will continue on in their positions supporting the entire Care team.
Calgary Co-op would like to thank CIBC Mid-Market Investment Banking for acting as its exclusive financial advisor.
Care Pharmacies would like to thank BMO Mid-Market Mergers & Acquisitions for acting as its exclusive financial advisor.
Calgary Co-op has been continuing to evolve and grow its brand through investments in technology, redeveloping food store locations, making acquisitions and responding to the needs of its more than 400,000 members and 3,850 employees. Today, Calgary Co-op is one of the largest retail co-operatives in North America, and is home to food centres, pharmacies, gas stations, car washes, Home Health Care centres, Wine, Spirits and Beer locations and cannabis. In addition, Calgary Co-op operates and is the beneficial owner of Beacon Pharmacies, Community Natural Foods, The Organic Box and Willow Park Wines & Spirits.
About Calgary Co-op
With more than 400,000 members, 3,850 employees, real estate assets of $700 million and annual sales of $1.3 billion, Calgary Co-op was recognized as one of Alberta’s Top 75 Employers of 2023 and is committed to delivering exceptional customer experiences through inspired team members. For more information, please visit www.calgarycoop.com.
For media inquiries, please contact:
Sage Pullen McIntosh
Director of Communications & Loyalty, Calgary Co-op
(403) 219-6025 Ext 6105
Principal, Worthington PR & Story