PE Deals

Persistence-backed Neighbourly to buy three Ontario pharmacies

Neighbourly is a Toronto-based network of community pharmacies.

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  • The deal is expected to close by the end of June 2023
  • Neighbourly’s network will comprise a total of 287 locations across Canada after the completion of the acquisition
  • Persistence invested in Neighbourly in 2015

Neighbourly Pharmacy, a portfolio company of Persistence Capital Partners, has agreed to acquire three pharmacies in Ontario from a single seller. The seller was not identified.

No financial terms were disclosed. The deal is expected to close by the end of June 2023, subject to regulatory approvals.

In a statement, Neighbourly, a Toronto-based network of community pharmacies, estimated that the three pharmacies will generate total annualized adjusted EBITDA of around $1.6 million. Neighbourly’s network will comprise a total of 287 locations across Canada after the completion of the acquisition.

“This acquisition represents the ongoing execution of our strategy, strengthening our position across communities in Ontario,” said Skip Bourdo, CEO of Neighbourly. “These locations are important healthcare providers within their respective communities, and we look forward to welcoming them to the Neighbourly family.”

Persistence invested in Neighbourly in 2015. Based in Montreal, the private equity firm focused on high-growth opportunities in the healthcare sector.