TORONTO — Drugstore chain Rexall Pharmacy Group and online retailer Well.ca are due to land under Canadian ownership after a Toronto-based private equity firm announced Thursday that it would purchase both brands from McKesson Corp.
Birch Hill Equity Partners did not immediately reveal financial terms of the agreement it struck with McKesson, a Texas-based healthcare services business that said selling off the two companies would allow it to focus on growing its oncology and biopharma divisions instead.
Their sale to Birch Hill could be"the fuel that accelerates the expansion and innovation of these brands in Canada," said Liza Amlani, co-founder of the Retail Strategy Group in an email. While Birch Hill declined an interview request on the deal, it said in its Thursday release that it's"committed to maintaining and investing in reliable, accessible health care services to expand Rexall's network of pharmacies across Canada."
McNeish liked that the deal hands assets to a Canadian company because so often homegrown firms are sold to foreign firms, but she worried about the buyer being a private equity firm.
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