Crédit Mutuel Equity invests in Independent Pharmacy Chain CARE HEALTH Group to Propel its Canadian Growth Strategy

TORONTO, Dec. 03, 2019 (GLOBE NEWSWIRE) — CrĂ©dit Mutuel Equity, the private equity arm of CrĂ©dit Mutuel Alliance FĂ©dĂ©rale, one of the largest banking groups in France, is pleased to announce its association with CARE HEALTH Group, a growing independent pharmacy network with about 40 locations primarily in Ontario and British Columbia. With a presence in Canada and formerly known as CIC Capital Canada, CrĂ©dit Mutuel Equity encompasses the growth capital activities for North America.
As an influential minority shareholder, CrĂ©dit Mutuel Equity intends to actively support the growth of the CARE HEALTH Group in a market with attractive acquisition and consolidation opportunities, as well as organic growth potential. CrĂ©dit Mutuel Equity is investing $30 million – through a combination of capital and mezzanine financing – to support the Group’s ambitious growth and acquisition plan.  A highly concentrated Canadian pharmacy market
Approximately 4,000 of the 12,000 pharmacies across Canada are owned by independent pharmacists. Most of these owners are at or nearing the retirement age and this represents a significant opportunity for CARE HEALTH to scale its growth strategy. In recent years, and under the leadership of its manager, Ali REYHANY, CARE HEALTH has adopted a dynamic external growth strategy by integrating a dozen sales points per year. CARE HEALTH operates in a niche market: its pharmacies are located in rural areas, where competition is less intense. The overall Canadian pharmacy market is benefiting from growing health and patient life cycle support needs, driven by an aging population and the emergence of life-extending pathologies.
“As one of the leading independent pharmacy groups in Canada, CARE HEALTH represents a promising growth platform, and CrĂ©dit Mutuel Equity looks forward to actively working with the talented management team at CARE HEALTH to bring their growth strategy to the next level,” said David DICKEL, Managing Director, Growth Capital, CrĂ©dit Mutuel Equity. “CrĂ©dit Mutuel Equity is committed to investing in Canadian companies at an advanced stage of growth, with scalable businesses and clear growth vectors – CARE HEALTH aligns well with our investment criteria.”“With industry consolidation on the rise, CARE HEALTH has found the perfect partner in CrĂ©dit Mutuel Equity to build on our 13-year reputation for integrity and innovation. Ensuring that licensed pharmacists continue to manage their businesses resonates with our stakeholders. With the guidance and support of a strong financial partner, the Care-CrĂ©dit Mutuel Equity partnership will continue to make CARE HEALTH the purchaser of choice for pharmacy owners across Canada,” said Ali REYHANY, Managing Director of CARE HEALTH.About CARE HEALTH Group
CARE HEALTH Group is one of the leading independent pharmacy groups in Canada. It owns about 40 pharmacies, mainly in Ontario and British Columbia, and in 2019 generated revenue of over $100 million, representing over 2 million prescriptions filled in its stores annually. Through its 40 locations, the Group intends to increase its presence through strategic acquisitions and the adoption of measures to promote organic growth.
About Crédit Mutuel EquityCrédit Mutuel Equity is the private equity arm of Crédit Mutuel Alliance Fédérale, which encompasses its venture capital, growth capital and buyout activities.Crédit Mutuel Equity supports business leaders at all stages of their companies’ development, from seed phase to buyout, by providing them with the means and the time required to implement their transformational projects. Crédit Mutuel Equity brings together a network of over 350 business leaders and entrepreneurs that share similar convictions and that can benefit from each other’s experiences, no matter the nature of their projects. Investing its own funds (€3.0 billion), Crédit Mutuel Equity’s investments are tailored to the time horizons and growth strategies of the companies in which it invests, whether in France, Canada, the United States, Germany or Switzerland.PRESS CONTACTSFor Crédit Mutuel Equity
Jennifer Lee
[email protected]

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