Calgary Co-op has struck a deal to acquire Care Pharmacies.
Founded in 2013, the Vaughan, Ont.-headquartered company is currently the largest group of Canadian retail pharmacies controlled by licensed pharmacists.
Care Pharmacies has 56 drug stores located in five 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 of Calgary Co-op, said in a statement. “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.”
After the closing of the 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 in their positions.
“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,” stated Reyhany.