Loblaw Companies’ Shoppers Drug Mart has closed its acquisition of Lifemark Health Group, a Toronto-based provider of rehabilitation, workplace health and wellness and medical assessment services. The purchase price was previously reported as C$845 million. Lifemark was sold by Audax Private Equity, which acquired the business in 2016.
BRAMPTON, ON, May 10, 2022 /CNW/ – Loblaw Companies Limited (TSX: L) (“Loblaw”) today confirmed the closing of the previously announced acquisition of Lifemark Health Group (“Lifemark”) from Audax Private Equity.
Lifemark is a leading provider of outpatient physiotherapy, massage therapy, occupational therapy, chiropractic, mental health and other ancillary rehabilitation services in Canada. With this acquisition, Loblaw through its wholly-owned subsidiary Shoppers Drug Mart Inc., adds to its growing role as a healthcare service provider, with a network of health and wellness solutions, accessible in-person and digitally.
About Loblaw Companies Limited
Loblaw Companies Limited is Canada’s food and pharmacy leader, with a network of more than 2,400 corporate, franchised and Associate-owned locations in communities across the country. Loblaw’s purpose – Live Life Well® – supports the needs and well-being of Canadians who make one billion visits each year to the company’s stores.
Led by Shoppers Drug Mart, the leader in Canada’s retail drug store marketplace and the number one provider of pharmacy products and services, Loblaw offers full-service pharmacies and a range of services like prescriptions, med checks, vaccinations, minor-ailment diagnoses, and nutrition consultations in more than 1,800 locations in 10 provinces and 2 territories, including in Shoppers Drug Mart, PharmaPrix, Loblaw pharmacy, DRUGStore Pharmacy and CENTRESante locations.
About Lifemark Health Group
Lifemark Health Group is a Canadian leader in community rehabilitation, workplace health and wellness and medical assessment services. With over 20 years of service excellence, Lifemark Health Group is a comprehensive and trusted health provider with 3 million patient visits annually, and employs over 5,000 highly trained clinicians, medical experts and team members.
As Canada’s largest physiotherapy company, Lifemark is passionate about enriching the health of Canadians through movement. Lifemark’s commitment to health and wellness extends beyond patient care, to the entire team, as evidenced through an award-winning culture.
About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in more than 150 platforms and over 1050 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 30 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website www.audaxprivateequity.com.