Rexall bought by Birch Hill private equity firm [Video]

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.

The deal will hand Birch Hill, whose portfolio has previously included Mastermind Toys, Sleep Country and Ace Bakery, a toehold in the pharmacare industry and put its retail prowess to the test once more.

Rexall operates 385 pharmacies across Canada and employs about 8,000 people. Well.ca offers more than 40,000 health and wellness products online.

Their sale to Birch Hill could be “the fuel that accelerates the expansion and innovation of these brands in Canada,” …