– Acquisition Expands National Platform with Significant Presence in BC in Key, High-Growth Centres –
TORONTO, Oct. 7, 2016 /CNW/ - Centric Health Corporation ("Centric Health" or the "Company") (TSX:CHH) today announced that it has completed its previously announced acquisition of 100% of the equity interests of CareRx Enterprises Ltd. ("CareRx"), a leading provider of pharmacy services to seniors communities in British Columbia. CareRx serves approximately 1,500 beds at 26 long-term care and assisted living communities through its three fulfilment centres located in Vancouver, Victoria and Nanaimo.
The addition of CareRx expands Centric Health's Specialty Pharmacy network to 18 distribution centres in four provinces serving more than 27,500 residents at more than 375 long-term care communities. Along with Centric Health's recent opening of its fulfilment centre in Kelowna, the acquisition establishes a significant presence in British Columbia, providing access to the vast majority of the province's seniors population and a significant opportunity to grow its share of the 25,000 beds (and growing) in the BC market.
"In addition to providing significant growth opportunities with local seniors home operators, our expansion into British Columbia further strengthens our value proposition with regional and multi-province customers," said David Cutler, President and Chief Executive Officer, Centric Health. "Alongside such tuck-in acquisition opportunities, we are well positioned to continue to deliver organic growth in our Specialty Pharmacy business, capitalizing on the operating leverage inherent in our business."
CareRx was created with one goal in mind – to provide the best possible pharmacy experience for care facilities, retirement homes and home nursing. Locally owned and operated, CareRx is invested in the communities they serve and committed to improving the lives and care needs for residents and their families.
CareRx's management team has over 40 years' experience servicing the community through the ownership and management of other retail pharmacy outlets in British Columbia. They have built a business model from the perspective of the customers and partners – seniors, nurses, Directors of Care, business owners – that they service.
CareRx has strategic relationships and experience with specialized medication packaging and electronic documentation organizations to provide customers with the latest innovations in the marketplace, providing the safest medication management systems in Canada.
About Centric Health
Centric Health's vision is to be Canada's most respected and recognized provider in the independent healthcare sectors in which it operates, world renowned for delivering the highest levels of quality care and outcomes, innovative solutions and value to patients, clients and stakeholders. To this end, Centric Health primarily focuses on two core healthcare businesses:
- The Specialty Pharmacy division is a "Resident First" model composed of a growing national network of fulfilment centres that deliver high-volume solutions for the cost effective supply of chronic medication and other specialty clinical care services, serving more than 27,500 residents in over 375 seniors communities (long term care facilities, retirement homes and assisted living facilities) nationally. The Specialty Pharmacy division also provides pharmaceutical dispensing services for employees insured by corporate health plans.
- The Surgical & Medical Centres division is Canada's largest independent surgical provider operating six facilities across four provinces. It serves a diversified customer base with private paid non-insured surgeries and diagnostics, government outsourcing of insured surgeries and diagnostics and other procedures funded by third-party payors (including Workers Compensation) and is the proud owner of Canada's first Centre of Excellence in Metabolic and Bariatric Surgery.
With national networks of facilities in each of its businesses, deep knowledge and experience of healthcare delivery and extensive, trusted relationships with payers, physicians, and government agencies, the Company is uniquely positioned to address current and future healthcare needs in growing markets as the Canadian healthcare industry goes through a major transformation over the medium to long term.
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding the timing and completion of the proposed acquisition, final financial breakdown, business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Centric Health and described in the forward-looking statements contained in this press release, including the completion of the transaction on the terms set out in the definitive agreement and in a manner consistent with management's expectations, the accuracy of management's assessment of the effects of the acquisition, and the ongoing performance of the business of CareRx. These assumptions and estimates are not intended to represent a complete list of the assumptions and estimates that could affect the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits Centric Health will derive there-from. The Company does not undertake to update any forward-looking information contained herein, except as required by applicable Canadian securities legislation.
SOURCE Centric Health Corporation
For further information: David Cutler, Chief Executive Officer, Centric Health Corporation, 416-619-9401, [email protected]; Lawrence Chamberlain, Investor Relations, NATIONAL Equicom, 416-848-1457, [email protected]