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CareRx to Add Over 2,400 Beds Through Acquisition of SmartMeds Pharmacy
CareRx to Add Over 2,400 Beds Through Acquisition of SmartMeds Pharmacy Canada ...
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[{"type":"text","content":"\n \n \n \n CareRx to Add Over 2,400 Beds Through Acquisition of SmartMeds Pharmacy\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Transaction expected to be immediately accretive and will further strengthen market position in\n \n Ontario\n \n \n \n \n \n TORONTO\n \n ,\n \n Jan. 26, 2021\n \n /CNW/ - CareRx Corporation (\"\n \n CareRx\n \n \" or the \"\n \n Company\n \n \") (TSX: CRRX), Canada's leading provider of specialty pharmacy services to seniors, announced today that it has entered into a definitive agreement to acquire SmartMeds Pharmacy Inc., (\"\n \n SmartMeds\n \n \"), a specialty pharmacy serving over 2,400 residents in long-term care, assisted living and other institutional settings in\n \n Ontario\n \n (the \"\n \n Transaction\n \n \"). SmartMeds also operates a retail pharmacy located in\n \n Burlington, Ontario\n \n that will be acquired as part of the Transaction.\n \n \n The Transaction is expected to be immediately accretive to CareRx's earnings and is expected to contribute run-rate revenue and EBITDA of approximately\n \n $13 million\n \n and\n \n $1.5 million\n \n respectively to CareRx on an annualized basis, prior to any benefits from the integration of the operations of the two businesses.\n \n \n \"SmartMeds has established an excellent reputation in the industry as a leader in innovation, quality, and customer service,\" said\n \n David Murphy\n \n , President and Chief Executive Officer of CareRx. \"It is a well-run organization with significant customer loyalty and a broad range of customers in both long-term care and other institutional settings. This is an exciting tuck-in acquisition for CareRx, and we look forward to working with the SmartMeds team and customers towards a seamless integration.\"\n \n \n SmartMeds is recognized as an innovator in seniors care pharmacy, with a reputation for value-added technology and an outstanding service culture. SmartMeds exclusively licenses proprietary technology called SmartLink\n \n TM\n \n , a web-based oper...