PharmaCorp entered into a credit agreement with CIBC, providing the corporation with up to $20.5 million committed credit facilities, plus a $10 million accordion feature and a $1 million Visa credit facility. The credit facilities will support PharmaCorp’s acquisition strategy and the expansion of its acquisition and operating platforms.
In conjunction with the above credit facilities, CIBC is also supporting PharmaCorp’s Pharmacist Co-Ownership Program through a separate $5 million credit facility, which makes loans available to pharmacists wishing to acquire an ownership position in the PharmaCorp pharmacy where they work.
“PharmaCorp’s Co-Ownership Financing Program removes a significant barrier to ownership,” Alan Simpson, executive chairman of PharmaCorp, said. “Many talented pharmacists simply don’t have the capital or financing options to become true owners. Our program, now backed by CIBC, provides them with a direct path to equity and long-term wealth creation through co-ownership with PharmaCorp. With these expanded credit facilities in place, we are now well-positioned to continue to execute acquisition opportunities and to scale our co-ownership model across Canada in the near term.”
