Canadian private equity firm TorQuest Partners has acquired Amenity Health Care Inc, a Winnipeg-based operator of retail pharmacies located across Western Canada. No financial terms were disclosed. Founded four years ago by Chairman David Asper and President and CEO Dalbir Bains, Amenity owns and manages a network of 32 retail pharmacies located in mostly rural and under-serviced communities. TorQuest’s Daniel Sonshine said the deal will support the company’s next phase of growth. Amenity is the second platform investment of TorQuest Partners Fund IV, which last year raised $925 million. Fund IV’s debut deal was Can Art Aluminum Extrusion Inc.
TorQuest Partners Announces Acquisition of Amenity
Toronto, Ontario – September 5, 2017 – TorQuest Partners (“TorQuest”) today announced the acquisition of Amenity Health Care (“Amenity”), an operator of retail pharmacies across Western Canada. Terms of the transaction were not disclosed.
Co-founded by David Asper and Dalbir Bains, and based in Winnipeg, Manitoba, Amenity owns and operates a network of 32 retail pharmacies located in mostly rural and underserviced communities across Western Canada. Amenity’s pharmacies serve as a critical component of health care delivery in these areas, with many locations offering an expanded scope of pharmacy services or co-locating with medical clinics. The business has expanded its geographic reach in recent years through a targeted acquisition strategy, serving as a partner of choice for independently owned pharmacies looking to transition to new ownership.
Daniel Sonshine, a Partner at TorQuest Partners, said, “Since Amenity was founded in 2013, it has achieved tremendous growth, while maintaining its patient-first philosophy. We believe the business is well positioned to meet the growing health care needs of the communities it serves as the general population continues to age in Canada. We are looking forward to partnering with the Amenity team to support the business on its next chapter of growth.”
“We are excited to collaborate with TorQuest to execute upon Amenity’s mission of providing integrated health and wellness services to underserviced communities across Canada,” said Dalbir Bains, CEO and Co-Founder of Amenity. “Together, we are primed to accelerate our expansion plans and bring multidisciplinary health care to more Canadians.”
“This transaction marks the next stage of Amenity’s evolution. By partnering with TorQuest, an exceptional group with a track record of building leading middle-market businesses, management will be able to execute on its vision of building a leading Canadian retail pharmacy company,” said David Asper, Co-Founder and Chairman of the Board.
Eric Berke, Managing Partner at TorQuest, said, “This is the second platform investment for TorQuest Partners Fund IV and continues our strategy of working with entrepreneurial management teams to build great Canadian businesses.”
CIBC Mid-Market Investment Banking acted as exclusive financial advisor to Amenity in connection with the transaction. Torys served as legal counsel to TorQuest; MLT Aikins served as legal counsel to Amenity.
About Amenity Health Care
Established in 2013, Amenity Health Care operates 32 pharmacies across Alberta, Manitoba, Saskatchewan, and British Columbia, located in mostly rural and underserviced communities. Amenity operates its pharmacies under a number of different independent retail banners. For more information, please visit www.amenityhealthcare.com.
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$2 billion of equity capital under management, TorQuest is currently investing from TorQuest Partners Fund IV, a $925 million fund that closed in June 2016. TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, please visit www.torquest.com.
For TorQuest Partners media inquiries:
Irina Vukosavic, Longview Communications Inc., (416)-649-8002