TorQuest Partners has acquired Amenity Health Care, a Winnipeg, Manitoba based operator of retail pharmacies across Western Canada. Financial terms were not disclosed.
Co-founded by David Asper and Dalbir Bains, Amenity owns and operates a network of 32 retail pharmacies located in mostly rural and underserviced communities across Western Canada. Amenity’s pharmacies serve as a critical component of health care delivery in these areas, with many locations offering an expanded scope of pharmacy services or co-locating with medical clinics. The business has expanded its geographic reach in recent years through a targeted acquisition strategy, serving as a partner of choice for independently owned pharmacies looking to transition to new ownership.
Daniel Sonshine, a Partner at TorQuest Partners, said, “Since Amenity was founded in 2013, it has achieved tremendous growth, while maintaining its patient-first philosophy. We believe the business is well positioned to meet the growing health care needs of the communities it serves as the general population continues to age in Canada. We are looking forward to partnering with the Amenity team to support the business on its next chapter of growth.”
“We are excited to collaborate with TorQuest to execute upon Amenity’s mission of providing integrated health and wellness services to underserviced communities across Canada,” said Dalbir Bains, CEO and Co-Founder of Amenity. “Together, we are primed to accelerate our expansion plans and bring multidisciplinary health care to more Canadians.”
“This transaction marks the next stage of Amenity’s evolution. By partnering with TorQuest, an exceptional group with a track record of building leading middle-market businesses, management will be able to execute on its vision of building a leading Canadian retail pharmacy company,” said David Asper, Co-Founder and Chairman of the Board.
Eric Berke, Managing Partner at TorQuest, said, “This is the second platform investment for TorQuest Partners Fund IV and continues our strategy of working with entrepreneurial management teams to build great Canadian businesses.”
CIBC Mid-Market Investment Banking acted as exclusive financial advisor to Amenity in connection with the transaction. Torys served as legal counsel to TorQuest; MLT Aikins served as legal counsel to Amenity.
photo credit: Amenity Health Care