Date Closed

March 20, 2024

Lead Office

Montréal

Value

900.00 Million CAD

On March 20, 2024, Neighbourly Pharmacy Inc. ("Neighbourly") closed a plan of arrangement under the Canada Business Corporations Act with T.I.D Acquisition Corp., a newly formed entity formed by Persistence Capital Partners ("PCP"). T.I.D Acquisition Corp. acquired all of the issued and outstanding Common Shares in the capital of Neighbourly, other than those Common Shares already owned by PCP or its affiliates, for C$18.50 per Common Share in cash plus one contingent value right ("CVR") per common share which amounted to C$900 million and will entitle the holder thereof to an additional cash payment of C$0.61 per CVR if the Neighbourly's Pro-Forma Adjusted EBITDA for the 2026 fiscal year is at or above $128.0 million.

As a result of the Transaction, the Common Shares were delisted from the Toronto Stock Exchange at the close of trading on March 21, 2024.

Neighbourly Pharmacy Inc., based in Toronto, Ontario, is a network of pharmacies that buys and operates local pharmacies.

Persistence Capital Partners, based in Montreal, Quebec, is a private equity firm that exclusively focuses on the Canadian healthcare sector. 

McCarthy Tétrault acted as independent legal advisor to the special committee of Neighbourly, with a team led by Hadrien Montagne that included Vincent Laurin, Suzie Cusson, Jessica Vona (Business), Shane D’Souza, Omair Jafrani (Litigation), Marie-Soleil Landry, Alexandra Carbone (Tax), Dominic Thérien and Alykhan Rahim (Competition).