A subsidiary of Calgary Co-op, the Canadian retail co-operative operating in Alberta, is to become the majority shareholder in Care Pharmacies, the largest group of independent Canadian retail pharmacies controlled by licensed pharmacists.
Set up in 1956, Calgary Co-op boasts more than 400,000 members, 3,850 employees, real estate assets of CA$700m and annual sales of $1.3bn. It operates food centres, pharmacies, gas stations, car washes, Home Health Care centres, wine, spirits and beer locations and cannabis stores. It also runs and owns Beacon Pharmacies, Community Natural Foods, Organic Box and Willow Park Wines & Spirits.
The transaction is subject to the satisfaction or waiver of customary closing conditions, including the receipt of required regulatory approvals.
Founded in 2013, Care Pharmacies is headquartered in Vaughan, Ontario. The business has 56 drug stores in five Canadian provinces.
“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,” said Ken Keelor, CEO, Calgary Co-op. “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.”
“We saw a strong alignment of values between Care Pharmacies and Calgary Co-op,” said Ali Reyhany, CEO of Care Pharmacies. “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.”
Care Pharmacies will continue to operate as a separate entity after the acquisition with CEO Ali Reyhany, and the Care leadership team due to continue in their positions.