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Canada  + Alberta & Prairies  + Retail  |  January 3, 2024
Calgary Co-op has agreed to acquire the national Care Pharmacies chain.
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By: Monte Stewart

Calgary Co-op Acquiring Care Pharmacies

Calgary Co-op has agreed to become the majority owner of the national Care Pharmacies chain.

The deal is expected to close in the first quarter of 2024, subject to customary closing conditions and regulatory approvals. Calgary Co-op is making the acquisition through a wholly owned subsidiary.

Founded in 2013, Vaughan-Ont.-based Care ranks as Canada’s largest group of independent retail Canadian retail pharmacies controlled by licensed pharmacists, according to a news release issued by Calgary Co-op. Care has 56 drugstores located in five provinces.

Presuming that the deal closes, Care will continue to operate as a separate entity. Ali Reyhany, Care’s CEO, and the rest of the chain’s leadership team will continue in their positions.

Ken Keelor, Calgary Co-op’s CEO, said Care will be a tremendous fit within the retail co-operative’s pharmacy segment and Natural Foods and Home Health Care businesses.

Financial terms were not disclosed.

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Inside The Story

Ken KeelorCare Pharmacies

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.
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