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Loblaw completes $845 million acquisition of Lifemark Health Group to expand Shoppers Drug Mart's healthcare services

On May 10, 2022, Loblaw Companies Limited (TSX: L) (Loblaw) announced that its wholly-owned subsidiary Shoppers Drug Mart (Shoppers) has completed the acquisition of Lifemark Health Group (Lifemark), a portfolio company of Audax Private Equity, for aggregate cash consideration of $845 million.

Lifemark is the leading provider of outpatient physiotherapy, massage therapy, occupational therapy, chiropractic, mental health and other ancillary rehabilitation services through its more than 300 clinics across Canada.

Through the acquisition of Lifemark, Shoppers adds the leading provider in the $11-billion Canadian outpatient physiotherapy and rehabilitation market to its team of professionals working in pharmacies, medical clinics and healthcare businesses, supported by Shoppers' digital PC Health offering.

BLG is represented Loblaw with a team led by Frank Callaghan and Stefan Timms, including: