NEIGHBOURLY TO ACQUIRE EIGHT PHARMACIES for $15.5 million It looks like they paid about $1.93 million on the average per pharmacy. It looks like DOC should get between $1.5 to $2 million for each of their 2 pharmacies.
NEIGHBOURLY ANNOUNCES AGREEMENTS TO ACQUIRE EIGHT PHARMACIES
Neighbourly Pharmacy Inc. has entered into two separate binding agreements to acquire six community pharmacies located in New Brunswick and Nova Scotia, and two community pharmacies located in British Columbia.
"These acquisitions represent the ongoing execution of our strategy, doubling our presence in Atlantic Canada and continuing our growth in British Columbia," stated Chris Gardner, the company's chief executive officer. "These new locations act as critical health care providers within their respective communities, and we look forward to welcoming them to the Neighbourly family."
The total purchase price for the acquisitions is $15.5-million and the valuation is consistent with the company's historical acquisition multiples. The acquisitions will be financed from cash on hand and drawings on the company's credit facility. Both acquisitions are expected to close by the end of November, 2022, pending customary regulatory approvals and the satisfaction of customary closing conditions.
Neighbourly estimates that the eight acquired locations will generate total annualized adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of approximately $2.7-million, based upon their most recently completed fiscal years and the implementation of synergies upon integration, and they will be immediately accretive.
Upon completion of these acquisitions, Neighbourly's network will comprise a total of 284 locations across Canada.
About Neighbourly Pharmacy Inc.
Neighbourly is Canada's largest and fastest growing network of community pharmacies. United by their patient-first focus and their role as essential and trusted health care hubs within their communities, Neighbourly's pharmacies strive to provide accessible health care with a personal touch. Since 2015, Neighbourly has expanded its diversified national footprint to include 284 locations, reinforcing the company's reputation as the industry's acquirer of choice.