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Centric Health to Acquire Specialty Pharmacy Operations in Calgary, Alberta
Centric Health to Acquire Specialty Pharmacy Operations in Calgary, Alberta Canada...
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[{"type":"text","content":"\n\n\n\nCentric Health to Acquire Specialty Pharmacy Operations in Calgary, Alberta\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\nCanada NewsWire\nTORONTO, Nov. 15, 2017\n\n\n\n– Strategic Acquisition Immediately Accretive with Further Potential through Increased Synergies, Scale, and Efficiency  –\n\n\n\nTORONTO, Nov. 15, 2017 /CNW/ - Centric Health Corporation (\"Centric Health\" or the \"Company\") (TSX:CHH) today announced that it has entered into an asset purchase agreement to acquire Salus Pharmacare (\"Salus\"), a specialty pharmacy in Calgary, Alberta, presently serving over 700 assisted living beds with potential to service another 700 seniors in independent living facilities. The acquisition will increase the Company's market share in Calgary and makes it a leading pharmacy provider to assisted living and long-term care homes in Alberta. \n\n\"This is an important acquisition that allows us to continue to build scale and is aligned with our strategy to grow in Western Canada,\" said David Cutler, President and Chief Executive Officer, Centric Health. \"To further solidify our presence in Calgary and our ability to win further contracts, we intend to combine Salus' operations with our Pharmacare team in a new larger facility, which we expect will generate synergies and position us to meet expected growth in the market.\"\n\nSalus had trailing 12-month Adjusted EBITDA* of $0.6 million. Total consideration on closing is $2.075 million consisting of $1.4 million in cash and 613,636 shares with price protection of $1.10 per share. Additional consideration consists of up to $2.3 million in cash and shares based on the achievement of certain performance benchmarks over the next three years. With this acquisition, Centric Health's pharmacy business will add efficiency to its network of 20 pharmacies, 17 of which are specialty pharmacy packaging fulfillment centres with mobile clinical pharmacy teams across four provinces— the largest specialty pharmacy network in Canada.  The new pharmacy operatio...