There are no Hollywood films about Daryl Katz, so while we’re familiar with the stories of Bill Gates and Mark Zuckerberg many of us know little about the self-made Canadian who’s amassed a fortune of approximately $3.4 billion. These milestones are just some of this reclusive Canadian mogul’s notable achievements.
1991: Purchased Medicine Shoppe Chain
Image via Flickr by mastermaq
Daryl Katz launched his pharmaceutical empire with the acquisition of the Canadian rights of U.S. drugstore chain Medicine Shoppe, which he purchased with his father for $300,000. Barry Katz launched his first drugstore in 1955, and his industry knowledge helped the duo secure venture capital funding. Their first Canadian Medicine Shoppe store opened its doors the following year in Edmonton’s Forest Heights community. By 1998, there were around 30 Medicine Shoppe outlets in Canada.
1996: Resurrected Rexall Health
Rexall Health’s history spans back to the turn of the 20th century. In the first half of the 1900s the brand was a household name, but by the ‘90s it was struggling. Katz saw an opportunity and purchased the company in 1996. At that time, there were only a dozen Rexall outlets in Canada. By 1998, under Katz’s care, Canada had around 80 Rexall stores.
2008: Purchased Edmonton Oilers
After several failed bids, Daryl Katz purchased his beloved ice hockey team, the Edmonton Oilers, from the Edmonton Investment Group in June 2008. He assumed ownership of the team he’s supported all his life the following month. As the Edmonton Oilers’ owner, Daryl Katz is focused on nurturing the winning culture it takes to reclaim the Stanley Cup.
2014: Construction of Rogers Place Began
In March 2014, work began on Rogers Place, a 25-acre sports and entertainment corridor that will become home to the Edmonton Oilers. Katz’s pet project will replace the team’s current stadium, Rexall Place, which is one of the oldest venues in the National Hockey League.
The stadium, which will also host rock concerts, is the jewel in Katz’s new Ice District, a $2.5 billion project which looks to revitalize the city of Edmonton. The inner-city corridor will also house office towers, luxury condominiums, restaurants, retail outlets, and Canada’s third JW Marriott Hotel. According to Marty Klinkenberg of The Globe and Mail, negotiations are currently underway to expand existing plans for the Ice District.
2016: Sold Rexall Health for $3 Billion
Daryl Katz relinquished the last piece of his pharmaceutical empire when, in March 2016, he for a reported C$3 billion to San Francisco firm McKesson. The deal saw McKesson take ownership of 470 Rexall stores in central and western Canada and Medicentres Canada healthcare clinics. It continued Katz’s 20-year relationship with McKesson, who purchased his independent pharmaceutical outlets and franchises, including I.D.A. and Guardian stores, for around C$920 million.
With the sale of Rexall, Katz has pledged to shift his focus away from pharmaceuticals and concentrate instead on real estate, entertainment, sports, and private and public investments. People interested in business will anxiously await to see what this next chapter holds for Daryl Katz.