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Loblaw Unit Shoppers Drug Mart To Buy Lifemark Health Group In C$845 Mln Cash Deal

Canadian food and pharmacy company Loblaw Companies Ltd. (L.TO) announced Monday that its unit Shoppers Drug Mart has agreed to acquire Lifemark Health Group, a portfolio company of Audax Private Equity, for $845 million in cash.

The acquisition of Lifemark is subject to regulatory approvals and other customary closing conditions. The deal is expected to close in the second quarter of 2022.

Lifemark is a provider of outpatient physiotherapy, massage therapy, occupational therapy, chiropractic, mental health, and other ancillary rehabilitation services through its more than 300 clinics across Canada.

Loblaw said the acquisition of Lifemark adds to its growing role as a healthcare service provider, with a network of health and wellness solutions, accessible in-person and digitally.

CIBC Capital Markets is serving as financial advisor and Borden Ladner Gervais LLP is acting as legal advisor to Loblaw and Shoppers.

Harris Williams is serving as financial advisor to Lifemark.

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