World News: 13:00 GMT Tuesday 3rd December 2019. [Crédit Mutuel Equity via Globe Newswire via SPi World News]
TORONTO, Dec. 03, 2019 (GLOBE NEWSWIRE) -- Crédit Mutuel Equity, the private equity arm of Crédit Mutuel Alliance Fédérale, one of the largest banking groups in France, is pleased to announce its association with CARE HEALTH Group, a growing independent pharmacy network with about 40 locations primarily in Ontario and British Columbia. With a presence in Canada and formerly known as CIC Capital Canada, Crédit Mutuel Equity encompasses the growth capital activities for North America.
As an influential minority shareholder, Crédit Mutuel Equity intends to actively support the growth of the CARE HEALTH Group in a market with attractive acquisition and consolidation opportunities, as well as organic growth potential. Crédit Mutuel Equity is investing $30 million - through a combination of capital and mezzanine financing - to support the Group’s ambitious growth and acquisition plan.
“As one of the leading independent pharmacy groups in Canada, CARE HEALTH represents a promising growth platform, and Crédit Mutuel Equity looks forward to actively working with the talented management team at CARE HEALTH to bring their growth strategy to the next level,” said David DICKEL, Managing Director, Growth Capital, Crédit Mutuel Equity. “Crédit Mutuel Equity is committed to investing in Canadian companies at an advanced stage of growth, with scalable businesses and clear growth vectors – CARE HEALTH aligns well with our investment criteria.”
“With industry consolidation on the rise, CARE HEALTH has found the perfect partner in Crédit Mutuel Equity to build on our 13-year reputation for integrity and innovation. Ensuring that licensed pharmacists continue to manage their businesses resonates with our stakeholders. With the guidance and support of a strong financial partner, the Care-Crédit Mutuel Equity partnership will continue to make CARE HEALTH the purchaser of choice for pharmacy owners across Canada,” said Ali REYHANY, Managing Director of CARE HEALTH.
Crédit Mutuel Equity is the private equity arm of Crédit Mutuel Alliance Fédérale, which encompasses its venture capital, growth capital and buyout activities.
Crédit Mutuel Equity supports business leaders at all stages of their companies’ development, from seed phase to buyout, by providing them with the means and the time required to implement their transformational projects. Crédit Mutuel Equity brings together a network of over 350 business leaders and entrepreneurs that share similar convictions and that can benefit from each other’s experiences, no matter the nature of their projects. Investing its own funds (€3.0 billion), Crédit Mutuel Equity’s investments are tailored to the time horizons and growth strategies of the companies in which it invests, whether in France, Canada, the United States, Germany or Switzerland.
Globe Newswire: 13:00 GMT Tuesday 3rd December 2019
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