LONGUEUIL, QUEBEC--(Marketwire - Nov. 30, 2012) - The Jean Coutu Group (PJC) Inc. (TSX:PJC.A) (the « Corporation » or the « Jean Coutu Group») announced today that it is acquiring a 50% stake in Le Groupe Médicus Inc. (« Médicus »), a corporation specialized in orthotic and prosthetic devices. Financial terms were not disclosed.
Founded in 1957 by Mr. Jean-Claude Bleau, Médicus today is the leading private sector employer of orthotist & prosthetist graduates in Quebec and specializes in orthotic and prosthetic devices and rehabilitation products by completing the multidisciplinary treatment plan.
"The investment in Médicus fits with our development strategy and is an interesting expansion of our core business. Médicus enjoys an excellent reputation and presents a significant growth potential. This corporation is headed by an experienced management team and we plan to support them in the pursuit of their strategic development plan," stated François J. Coutu, President and Chief Executive Officer of The Jean Coutu Group.
Jacinte Bleau, President and Chief Executive Officer of Médicus, declared: "We are aware of the growing needs of an aging customer base in Quebec, and Médicus, in partnership with The Jean Coutu Group, wishes to extend its market share in orthotic and prosthetic devices, as well as in mobility assistance throughout Quebec and eventually North America."
Following this transaction, Médicus will carry on its operations throughout its network of stores and maintain an independent management team.
About the Jean Coutu Group
The Jean Coutu Group is one of the most trusted names in Canadian pharmacy retailing. The Corporation operates a network of 404 franchised stores located in the provinces of Québec, New Brunswick and Ontario under the banners of PJC Jean Coutu, PJC Clinique, PJC Santé and PJC Santé Beauté, and employs close to 19,000 people. Furthermore, the Jean Coutu Group owns Pro Doc Ltd ("Pro Doc"), a Québec-based subsidiary and manufacturer of generic drugs. The Corporation also holds an investment in Rite Aid Corporation ("Rite Aid") a national chain of drugstores in the United States with more than 4,600 drugstores in 31 states and the District of Columbia.
Le Groupe Médicus Inc. operates a network of 13 stores in Quebec (under the banners of Médicus and Médicus Sport), manufactures and distributes a wide range of orthopedic devices and rehabilitation and comfort products to orthopedic and prosthetic laboratories, rehabilitation establishments, as well as to health care and physical activity professionals. The corporation works in close cooperation with many doctors and health care professionals in state-of-the-art biomedical technology research and development and employs close to 170 people.