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IRVING, Texas — McKesson Corp. has inked a deal to sell its Canada-based Rexall and Well.ca businesses to Birch Hill Equity Partners, a Canadian private equity firm.
In line with McKesson Corporation’s enterprise strategy, this transaction enables McKesson to further focus and prioritize investments to grow its oncology and biopharma services platforms. McKesson Corporation remains fully committed to and confident in the strength of our Canadian distribution and biopharma businesses, delivering solutions to ensure the delivery of better health outcomes.
“This transaction marks an important milestone aligned to our enterprise strategy, advancing our strategic priorities, further streamlining our business and prioritizing investment in our growth areas of oncology and biopharma services,” said Brian Tyler, chief executive officer, McKesson. “We remain fully committed to and confident in the strength of our Canadian distribution and biopharma businesses. I am proud of the accomplishments that Rexall and Well.ca have achieved with McKesson and I have every confidence that both businesses will flourish under Birch Hill’s ownership.”
Birch Hill Equity Partners is a mid-market Canadian private equity firm with more than 30 years of experience supporting Canadian companies on driving growth initiatives. Through this transaction, we believe Rexall and Well.ca will have a partner committed to investing the resources and capital needed to build on the businesses’ strong foundation, while providing services to Canadians from more locations, to address critical healthcare needs. McKesson Canada continues to see value in Rexall and Well.ca and intends to remain a wholesale distribution supplier to each business.
McKesson Canada will continue to own and operate Rexall and Well.ca until transaction close, which is subject to customary closing conditions, including necessary regulatory clearances.
