Neighbourly Pharmacy Inc., Canada’s largest network of independent pharmacies, has announced its intention to acquire seven pharmacies in Saskatchewan and British Columbia.
This acquisition is part of the company’s continued M&A strategy to consolidate its leadership position in the country.
CEO Skip Bourdo remarked that these new locations would bolster Neighbourly’s role as a critical healthcare provider for the communities served by these pharmacies.
The company projects that these seven locations will yield an annual Adjusted EBITDA of approximately $4.4 million, based on recent fiscal performance and expected synergies upon integration.
The total purchase price and valuation for the acquisition align with the company’s past acquisition multiples. Neighbourly plans to fund the purchase using available cash and the company’s credit facility.
The completion of the acquisition, subject to regulatory approvals and customary closing conditions, is anticipated by the end of June 2023.
This acquisition will expand Neighbourly’s network to a total of 294 locations across Canada, further solidifying its status as a major player in the country’s healthcare landscape.
Since its establishment in 2015, Neighbourly has rapidly expanded its national footprint, marking the company as the industry’s acquirer of choice.
The company is known for its patient-first focus and its role as a trusted healthcare hub within its communities, committed to delivering accessible healthcare with a personal touch.
BusinessNewsCanada
