Kensington Capital Partners Ltd. agreed to buy the surgical and medical centers business of Centric Health Corp., which provides pharmacy and other healthcare services to Canadian seniors, in a C$35 million cash transaction.
The Canadian investor signed the deal with Centric through Kensington Pvt. Equity Fund and Kensington Capital Advisors Inc.
Centric aims to use the net proceeds from the transaction to partially repay its outstanding credit facilities and for working capital purposes. The transaction is set to close on or about Sept. 30, pending regulatory and other third-party approvals and other customary conditions.
Origin Merchant Partners and Scotia Capital Inc. were Centric's financial advisers, and Stikeman Elliott LLP was its legal adviser. Bennett Jones LLP was the legal adviser to Kensington.