A wholly owned subsidiary of Calgary Co-op has entered into a definitive agreement to become the majority shareholder in Care Pharmacies, with the transaction expected to close in the first quarter of 2024, subject to the satisfaction or waiver of customary closing conditions, including the receipt of required regulatory approvals.

Care Pharmacies was founded in 2013 and is currently the largest group of independent Canadian retail pharmacies controlled by licensed pharmacists.  It is headquartered in Vaughan, Ontario, and has 56 drugstores located in five Canadian provinces. 

After the closing of this transaction, Care Pharmacies will continue to operate as a separate entity. Ali Reyhany, CEO of Care Pharmacies as well as the rest of the Care leadership team will continue in their positions supporting the entire Care team.

CIBC Mid-Market Investment Banking acted as Calgary Co-op's exclusive financial advisor.

MO Mid-Market Mergers & Acquisitions acted as Care Pharmacies' exclusive financial advisor.