Private equity firm Birch Hill signs deal to buy Rexall and Well.ca

Birch Hill Equity Partners says it has signed a deal with McKesson Corp. to buy Rexall Pharmacy Group and online retailer Well.ca.

Financial terms of the agreement were not immediately available.

Rexall operates 385 pharmacies across Canada and employs about 8,000 people.

Well.ca offers more than 40,000 health and wellness products online.

Birch Hill says it's committed to maintaining and investing in reliable, accessible health care services to expand Rexall's network of pharmacies across Canada.

The private equity firm says McKesson will remain Rexall and Well.ca's wholesale distribution supplier, ensuring a smooth transition for the business.