TORONTO, Sept. 5, 2024 /CNW/ – Birch Hill Equity Partners announced today that it has signed a definitive agreement with McKesson Corporation to acquire Rexall Pharmacy Group, a leading pharmacy retailer in Canada, and Well.ca, one of Canada’s first online retailers. The transaction is subject to customary closing conditions, including necessary regulatory clearances.
With a dynamic history of innovation and growth dating back to 1904, Rexall operates 385 pharmacies across Canada and employs approximately 8,000 team members. Rexall is known for providing exceptional patient care and customer service with an ongoing dedication to caring for Canadians’ health, one person at a time.
Well.ca is a one-stop destination where consumers can find better-for-you everyday essentials and discover Canada’s newest wellness brands and products. Offering customers more than 40,000 conveniently delivered health and wellness products, Well.ca strives to provide consumers with choice, dependability and ease, every time they visit.
Birch Hill’s experience championing community brands and Canadian businesses, long-term hold period and focus on growth makes it the right partner for Rexall and Well.ca as they are repositioned for future success.
Understanding the valuable role pharmacies play in local communities, Birch Hill is committed to maintaining and investing in reliable, accessible healthcare services to expand Rexall’s current network of pharmacies across Canada. With the right investment strategy, there is tremendous opportunity to strengthen the role Rexall plays in the healthcare landscape, providing more services to Canadians from more locations, including pharmacy primary care to address critical healthcare needs.
McKesson Corporation will remain Rexall and Well.ca’s wholesale distribution supplier, ensuring a smooth transition for the business.
About Birch Hill
Birch Hill is a Canadian mid-market private equity firm with a long history of driving growth in its portfolio companies and delivering returns to its investors. Based in Toronto, Birch Hill currently has $5 billion in capital under management. Since 1994, the firm has made 72 investments, with 57 fully realized. Today, Birch Hill’s 15 partner companies collectively represent one of Canada’s largest corporate entities with over $8 billion in total revenue and more than 40,000 employees.
SOURCE Birch Hill Equity Partners
