Loblaw’s Shoppers Drug Mart to acquire Lifemark Health Group
Loblaw announced that its wholly-owned subsidiary, Shoppers Drug Mart, has agreed to acquire Lifemark Health Group.
A portfolio of Audax Private Equity, the Canadian retailer is acquiring the company for an aggregate cash consideration of $845 million.
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Lifemark provides outpatient physiotherapy, massage therapy, occupational therapy, chiropractic, mental health and other ancillary rehabilitation services through more than 300 clinics across Canada.
“For the past 60 years, Shoppers Drug Mart has played an important role in the health and wellness of Canadians, providing convenient, seamless access to pharmacy and healthcare services in communities nationwide,” Jeff Leger, president of Shoppers Drug Mart said. “For Canadians who want to get well and stay well, pharmacy and physical therapy services go hand in hand. Shoppers and Lifemark together make the continuum of care easier for patients.”
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Through this acquisition, Shoppers Drug Mart will add put patient physiotherapy and rehabilitation markets to its team of professionals working in pharmacies, medical clinics and healthcare businesses supported by the digital PC Health offering, the company said.
“We are excited for this new chapter in Lifemark’s success story,” Peter Stymiest, CEO at Lifemark Health Group said. “Shoppers Drug Mart is a well-trusted, iconic Canadian brand, with an extensive local and virtual presence. By joining Shoppers, Lifemark will continue to grow as a national health and wellness network, reaching more Canadians who need access to care and advancing our shared vision to enrich the health of Canadians.”
The acquisition of Lifemark is subject to regulatory approvals and other customary closing conditions and is expected to close in the second quarter of 2022.
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“The acquisition of Lifemark strengthens our ability to support customers’ wellness, adding new categories of care. As we welcome Peter and the entire Lifemark team, we are creating a powerful combination that will reach more people and provide better health outcomes for more Canadians,” Leger said.