Persistence-backed Neighbourly to acquire seven Canadian pharmacies

• The deal is expected to close by the end of June 2023
• Upon closing, Neighbourly’s network of community pharmacies will total 294 locations across Canada
• Persistence Capital Partners acquired the company in 2015

Neighbourly Pharmacy, a portfolio company of Persistence Capital Partners, has agreed to acquire seven pharmacies from a single seller, five of them located in Saskatchewan and two in British Columbia. The seller was not identified.

No financial details of the transaction were disclosed. It is expected to close by the end of June 2023, subject to regulatory approvals.

With headquarters in Toronto, Neighbourly is a Canadian network of community pharmacies.

The deal will be funded from cash on hand and drawings on Neighbourly’s credit facility, the company said in statement.

Neighbourly estimates that the seven acquired locations will generate total annualized adjusted EBITDA of around $4.4 million. With the deal’s closing, the company’s network will total 294 locations across Canada.

“This is yet another milestone in the ongoing execution of our M&A strategy and strengthening Neighbourly’s leadership position as Canada’s community pharmacy,” said Skip Bourdo, CEO of Neighbourly. “These new locations are ideally suited to Neighbourly, acting as a key healthcare provider for patients in the communities they serve.”

Persistence Capital Partners acquired Neighbourly in 2015. Based in Montreal, Persistence is a private equity firm focused on high-growth opportunities in the healthcare sector.