A subsidiary of retail co-operative Calgary Co-op has entered into a definitive agreement to acquire the majority stake in Canadian pharmacy chain Care Pharmacies.

Founded in 2013 and headquartered in Ontario, Care Pharmacies is currently the largest group of independent Canadian retail pharmacies controlled by licensed pharmacists with 56 locations in five Canadian provinces. 

After the closing of this transaction, Care Pharmacies will continue to operate as a separate entity. Its CEO Ali Reyhany and leadership team will continue in their positions.

Ken Keelor, CEO of Calgary Co-op, said Care Pharmacies will be a “tremendous fit” in the company’s health and wellness growth plans.

“This acquisition will follow enhancements we’ve made to our own pharmacies over the last few years, the earlier acquisitions of Beacon Pharmacies and Community Natural Foods, and continued growth and enhancements to our Home Health Care business.”

The transaction, whose financial terms were not disclosed, is expected to close in the first quarter.

Calgary Co-op currently has more than 400,000 members and 3850 employees, with annual sales of $1.3 billion.