Business
Crown Partners Fund Completes Term Loan with Centric Health for up to $30 Million
Crown Partners Fund Completes Term Loan with Centric Health for up to $30 Million ...
About this update from Crown Capital Partners, Inc.
[{"type":"text","content":"\n\n\n\nCrown Partners Fund Completes Term Loan with Centric Health for up to $30 Million\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\nCALGARY, March 31, 2020\n\n\n\nCentric to acquire Remedy'sRx specialty pharmacy business, creating the largest specialtypharmacy business in Canada\n CALGARY, March 31, 2020 /CNW/ - Crown Capital Partners Inc. (\"Crown\" or the \"Corporation\") (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced that Crown Partners Fund, an investment fund managed by Crown and in which Crown holds an approximate 39% interest, has completed a term loan of up to $30 million (the \"Agreement\") with Centric Health Corporation (\"Centric\") (TSX: CHH), a leading provider of pharmacy and other healthcare services to Canadian seniors. \nCentric provides specialty pharmacy and other healthcare services to Canadian seniors living in assisted living and long-term care facilities. The company operates a large national network of pharmacy fulfilment centres that deliver high-volume solutions for the cost-effective supply of chronic medication and other specialty clinical pharmacy services, serving more than 31,000 residents in over 460 seniors' communities nationally. Centric is headquartered in Toronto and operates 14 pharmacy and fulfillment locations in British Columbia, Alberta, Saskatchewan and Ontario. \nCrown's term loan will be used to refinance Centric's existing senior debt and support Centric's acquisition of the specialty pharmacy business of Remedy'sRx. Remedy'sRx operates the 5th largest specialty pharmacy business in Canada, and the acquisition positions Centric as the largest specialty pharmacy in Canada, serving approximately 50,000 residents. \n\"We are pleased to partner with Centric's proven and experienced management team as they continue to reposition their business to an institutional pharmacy business and execute on this transformative acquisition,\" said Chris Johnson, Crown's President & CEO. \"There is an increasing need in Canada f...