Mr. Skip Bourdo reports
NEIGHBOURLY ANNOUNCES AGREEMENT TO ACQUIRE SEVEN PHARMACIES IN WESTERN CANADA
Neighbourly Pharmacy Inc. has entered into a binding agreement to acquire seven pharmacies from a single seller, five of them located in Saskatchewan and two in British Columbia.
"This is yet another milestone in the ongoing execution of our M&A [merger and acquisition] strategy and strengthening Neighbourly's leadership position as Canada's community pharmacy," stated Skip Bourdo, the company's chief executive officer. "These new locations are ideally suited to Neighbourly, acting as a key health care provider for patients in the communities they serve."
Neighbourly estimates that the seven acquired locations will generate total annualized adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of approximately $4.4-million based upon their most recently completed fiscal years and the implementation of synergies upon integration.
The total purchase price for the acquisition and its valuation are consistent with the company's historical acquisition multiples. The acquisition will be financed from cash on hand and drawings on the company's credit facility and is expected to close by the end of June, 2023, pending customary regulatory approvals and the satisfaction of customary closing conditions.
Upon completion of the acquisition, Neighbourly's network will comprise a total 294 locations across Canada.
About Neighbourly Pharmacy Inc.
Neighbourly is Canada's largest and fastest-growing network of community pharmacies.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.