Amenity Holdings Inc., a portfolio company of TorQuest Partners Fund IV, has merged with Rubicon Pharmacies Canada Inc. Financial terms were not disclosed.
This transaction will provide liquidity to a number of long standing Rubicon shareholders.
Michael Wright, CEO of Rubicon, will lead the combined entity. Day-to-day pharmacy operations will not be affected by the integration of the two companies and will continue seamlessly and without interruption. Dwayne Hoffman will serve as Chief Development Officer, and Robert Gare remains in his role as Chief Operating Officer. Keith McMahon, CFO of Amenity, will assume the CFO role of the combined platform.
“This transaction, backed by TorQuest Partners, creates an opportunity for pharmacy owners interested in selling to an independent group to join Rubicon’s vision of building a leading Canadian pharmacy organization.”
In September 2017, TorQuest Partners acquired Amenity Health Care from David Asper and Dalbir Bains.
photo credit: Rubicon Pharmacies
TorQuest Partners Announces Merger of Amenity and Rubicon
Toronto, Ontario – April 2, 2018 – TorQuest Partners (“TorQuest”) today announced the merger of Amenity Holdings Inc. (“Amenity”), the second platform investment of TorQuest Partners Fund IV, and Rubicon Pharmacies Canada Inc. (“Rubicon”), two complementary operators of retail pharmacies across Western Canada. Going forward, the combined company will do business as Rubicon Pharmacies. Terms of the transaction were not disclosed.
Founded in 2005 and headquartered in Weyburn, Saskatchewan, Rubicon owns and operates a network of 67 retail pharmacies located in rural towns and neighbourhood communities across Western Canada. Rubicon’s pharmacies serve as a critical component of the health care delivery system in these geographies. Rubicon was established as a succession vehicle for owners of independent pharmacies and operates across a broad range of retail pharmacy banners. This transaction will provide liquidity to a number of long standing Rubicon shareholders.
The combined business will own over 100 pharmacies in the four Western Canadian provinces under a number of retail pharmacy banners and will bring together two industry leading management teams under the leadership of CEO Mike Wright. The combined business will continue to focus on acquiring and integrating additional independent pharmacies.
Daniel Sonshine, a Partner at TorQuest, said, “The combination of Amenity and Rubicon is a transformative merger that establishes the company as the leading independent pharmacy operator in Western Canada. The business is well-positioned to meet the growing health care demands of the communities it serves today and is committed to developing best-in-class solutions to continue serving those needs in the future.”
“We are thrilled for the opportunity to bring together two companies with the same mission: to provide Canadian communities with trusted and professional pharmaceutical advice and expertise. Management is looking forward to driving the next stage of the business’s growth and is excited to align with TorQuest on our shared vision of building a leading Canadian pharmacy operator,” said Mike Wright, CEO of Rubicon.
About Rubicon Pharmacies Canada
Established in 2005, Rubicon operates 67 pharmacies across Alberta, Manitoba, and Saskatchewan, primarily located in rural towns and neighbourhood communities of larger urban centres. Rubicon operates its pharmacies under a number of different independent retail banners. For more information, please visit www.rubiconpharmacies.com.
About Amenity Health Care
Established in 2013, Amenity Health Care operates 34 pharmacies across Alberta, Manitoba, Saskatchewan, and British Columbia, located in mostly rural and underserviced communities. Amenity operates its pharmacies under a number of different independent retail banners. For more information, please visit www.amenityhealthcare.com.
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$2 billion of equity capital under management, TorQuest is currently investing from TorQuest Partners Fund IV, a $925 million fund that closed in June 2016. TorQuest invests in middle market companies, and works in close partnership with management to build value.