Is Daryl Katz the richest Canadian pharmacy magnate? Daryl Katz is the son of a pharmacist and made his fortune by buying the Canadian rights to the U.S. franchise, the Medicine Shoppe in 1991. He spent 1991-2016 expanding this business into a conglomerate called the Katz Group Of Companies which has businesses in pharmacy, sports & entertainment, and real estate development. In 2016, he sold off the pharmacy portion of his business to the United States-based McKesson Company. Today, the Katz Group of Companies is one of the largest privately-owned businesses in Canada. And, according to Forbes, Daryl Katz has a net worth of approximately $5.67 billion CAN ($4.5 billion US).
Daryl Katz is the owner of Edmonton Oilers, who had amassed billions through his global pharmacy business. He founded Katz Group in 1990, which employs around 8600 people in its 1800 stores across Canada. He purchased NHL’s Oilers in the year 2008, and is currently revamping the downtown area of Edmonton through the construction of Edmonton Arena District. This district is going to include a 62 stories office tower, condos, hotels, theatre complex and an up to date arena for its team. He started his career by taking over distressed pharmacies, and today, his brand oversees around 450 Rexall pharmacies in western and central Canada.
Personal Life
Born in Edmonton, Daryl’s father used to be a pharmacist himself, who founded Value Drug Mart in the 1970s. After completing his schooling, Daryl started working at a law firm, Shoctor, Starkman and Mousseau. Then, he started his own private practice, focusing on franchise and corporate law. In 1991, he paid $300,000 for Canadian rights to the Medicine Shoppe drugstore franchise, which had more than 1000 stores all across United States.
Career Milestones
In 1992, Daryl along with his father opened the first Medicine Shoppe store. Daryl eventually founded Katz Group. In 1996, he purchased the perishing Rexall chain of drugstores, which had only a dozen of presence in Canada. The business started growing, and by 1998, there were around 30 outlets of Medicine Shoppe, 80 Rexall stores, and some more independent retailers. In 1997, he purchased the drug store chain of Pharma Plus from the Oshawa Group, which had 143 stores and priced at $100 million.
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