Medstop, a Swedish pharmacy company backed by private equity firm Segulah, has acquired three Swedish pharmacy clusters from Apoteket AB. No financial terms were disclosed.
Medstop, a company whose main owner is Segulah IV L.P. (”Segulah”), has signed an agreement with Apoteket AB to acquire three pharmacy clusters (clusters 3, 4 and 5) with combined forecasted revenues for 2009 of MSEK 3,100. As soon as necessary permits have been obtained and other conditions to take possession are fulfilled, Medstop will operate 62 pharmacies in the regions of Stockholm, Gothenburg and Malmoe.
The takeover is planned to take place in January 2010 through the acquisition of three public limited liability companies that hold the 62 pharmacies.
Medstop’s CEO Fredrik Söderberg, comments: ”We are very pleased to have the opportunity of becoming a new player on the Swedish retail pharmacy market and are humbled in front of the task. We look forward to actively contribute to developing the Swedish retail pharmacy market after the de-regulation. In modern retail pharmacies, which are open when customers want to shop, our competent employees will sell and provide advice on medicine in a way that the Swedish pharmacy customers recognise.”
Peter Elving, Chairman of the Board for Medstop, comments: “Medstop together with Segulah will first of all make sure that the takeover of the 62 pharmacies is carried out in a safe and orderly fashion for customers and employees. Then the objective is to develop a modern chain of pharmacies that will become the customers’ first choice in the market.”
”Medstop is well suited to handle the opportunities and challenges of a deregulated pharmacy market. Segulah is very much looking forward to supporting Medstop and its management in this process as a committed and active owner”, says Percy Calissendorff, partner at Segulah Advisor AB.
Medstop’s ambition is to establish a strong and credible position in the Swedish pharmacy market. Medstop is characterised by a strong entrepreneurial spirit combined with a solid experience of the pharmacy and consumer retail sectors. Medstop’s central organisation currently includes a number of individuals who have held senior positions within Apoteket AB and other major Swedish retail chains. The nearly 1 000 pharmacists and other employees at the 62 pharmacies are highly qualified and experienced. www.medstop.se About Segulah Segulah is a private equity firm focused on mid-market buy-out investments in the Nordic region. The investment model is based on majority ownership and an active commitment of advisors who have industry sector expertise. Segulah Advisor AB is the exclusive investment advisor to the funds Segulah II L.P. (MSEK 850), Segulah III L.P. (MSEK 2,350) and Segulah IV L.P. (MSEK 5,200). www.segulah.se