Centric Health Corporation establishes pharmacy division through US$7 million acquisition of two Ontario pharmacies

On September 29, 2010, Centric Health Corporation (TSX: CHH), a leading diversified healthcare company, completed its $7 million acquisition of two pharmacies located on the Southlake Regional Health Centre campus in Newmarket, Ontario. Southlake Regional Health Centre is a multi-disciplinary healthcare campus with a 380-bed regional tertiary hospital and a staff of 2,700. The pharmacies generate annual revenue of approximately $6.2 million and yield a market-related EBITDA margin of 15-20%. Fasken Martineau acted for Centric Health with a team that included Lisa Marcuzzi and Craig Brown, regarding its acquisition structure and required applications and filings with the Ontario College of Pharmacists.