Harris Williams Advises Lifemark Health Group on its Pending Sale to Loblaw Companies Limited

Harris Williams, a global investment bank specializing in M&A advisory services, announces it is advising Lifemark Health Group (Lifemark), a portfolio company of Audax Private Equity, on its pending sale to Loblaw Companies Limited (TSX: L; Loblaw), on behalf of its wholly owned subsidiary Shoppers Drug Mart (Shoppers). Lifemark is the leading provider of outpatient physiotherapy, massage therapy, occupational therapy, chiropractic, mental health, and other ancillary rehabilitation services through its approximately 300 clinics across Canada. The transaction is being led by Andy Dixon, Cheairs Porter, Andrew Hoft and Larsen Jones of the Harris Williams Healthcare & Life Sciences (HCLS) Group.

“Investors and healthcare organizations are increasingly attracted to the outpatient physical therapy and rehabilitation sector given the proven benefits of these services to patients, a growing focus on preventative care, strong demographic tailwinds, and organic as well as acquisition growth potential,” said Andy Dixon, a managing director at Harris Williams. “The quality of care and value-added services provided by Lifemark, coupled with its expansive geographic footprint, will enable it to benefit from these dynamics, and we look forward to watching its continued growth in partnership with Loblaw in the coming years.”

“This acquisition represents an exciting opportunity to combine Lifemark’s leading network of healthcare services and professionals with Shoppers’ growing suite of health and wellness solutions, beyond its pharmacy leadership, to reach more people and drive new ways to support patients on their healthcare and wellness journeys,” added Cheairs Porter, a managing director at Harris Williams.

Lifemark is a Canadian leader in community rehabilitation, workplace health, and wellness and medical assessment services. With over 20 years of service excellence, Lifemark is a comprehensive and trusted health provider with 3 million patient visits annually, and employs over 5,000 highly trained clinicians, medical experts, and team members.

As Canada's largest physiotherapy company, Lifemark is passionate about enriching the health of Canadians through movement. Lifemark's commitment to health and wellness extends beyond patient care, to the entire team, as evidenced through an award-winning culture.

Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in more than 150 platforms and over 1,050 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 30 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies.

Loblaw is Canada’s food and pharmacy leader, with a network of more than 2,400 corporate, franchised and Associate-owned locations in communities across the country. Loblaw’s purpose – Live Life Well® – supports the needs and well-being of Canadians who make 1 billion visits each year to the company’s stores. Led by Shoppers, the leader in Canada’s retail drug store marketplace and the number one provider of pharmacy products and services, Loblaw offers full-service pharmacies and a range of services like prescriptions, med checks, vaccinations, minor-ailment diagnoses, and nutrition consultations in more than 1,800 locations in 10 provinces and two territories, including in Shoppers, PharmaPrix, Loblaw pharmacy, DRUGStore Pharmacy and CENTRESante locations.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams HCLS Group has experience across a broad range of sectors, including healthcare providers; payors and payor services; outsourced pharmaceutical services; medical device supply chain; healthcare IT; and pharmacy. For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.


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