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LONGUEUIL, Quebec — Jean Coutu Group Inc. has agreed to acquire a 50% share of Le Groupe Medicus Inc., a company that specializes in orthotics and prosthetic devices.
Financial terms of the deal were not disclosed.
“Medicus fits with our development strategy and is an interesting expansion of our core business,” Jean Coutu president and chief executive officer François Coutu says.
Medicus, he notes, has a strong reputation in Canada and presents a significant growth potential for Coutu. “This corporation is headed by an experienced management team, and we plan to support them in the pursuit of their strategic development plan,” Coutu says.
Founded in 1957, Medicus is considered to be the leading private sector employer of orthotist and prosthetist graduates in Quebec and specializes in orthotic and prosthetic devices and rehabilitation products.
“We are aware of the growing needs of an aging customer base in Quebec, and Medicus, in partnership with the Jean Coutu Group, wishes to extend its market share in orthotic and prosthetic devices, as well as in mobility assistance throughout Quebec and eventually North America,” Medicus president and chief executive officer Jacinte Bleau says.
The companies stress that under the new ownership setup Medicus will continue to operate its network of stores and maintain an independent management team.
The deal is not the first time Coutu has ventured outside of the traditional drug store arena.
In 2007, the company acquired Pro Doc Ltd, a Quebec-based manufacturer of generic drugs.
