Sam McCauley's buy two new stores
Sam McCauley Chemists has invested €5m to acquire stores in Dublin and Cork as part of a growth strategy that will see the business double in size within three years.
The group, which owns and operates 32 retail pharmacies nationwide, will also be announcing an exciting city centre green field location in the coming months as it endeavours to build its presence in the capital, as well as most urban and provincial locations throughout Ireland.
The acquisitions, which follow a significant investment in the business by the private equity fund Carlyle Cardinal Ireland (CCI) last year, comprise Life Pharmacy in Clondalkin, Dublin and Fermoy Medical Hall in Fermoy, Cork. The stores have a combined turnover of more than €5.5m, bringing annualised turnover for the group to approximately €90m.
Sam McCauley Chemists' will support all current jobs in both acquired pharmacies, which have a collective staff of 20 people, bringing the total group staff count to over 600. It is envisaged that some additional staff will be recruited over time as the group adds new ranges and services to both pharmacies.
Tony McEntee, CEO, Sam McCauley Chemists, said: 'As an ambitious business, we are excited to be expanding our presence in Dublin and Cork and look forward to serving the people of those communities. Both acquisitions are part of a growth strategy for the business that will see Sam McCauley Chemists grow its presence in Dublin and larger provincial locations throughout Ireland.
'Whilst we will be opening green field sites, we believe that the bulk of our growth plans will be delivered through acquisitions. The combination of our access to significant funding and our ability to promptly complete transactions puts Sam McCauley Chemists in a great position to continue to add to our portfolio over the next few years, with a number of other significant opportunities already under active consideration.'
Life Pharmacy, Bawnogue Road in Clondalkin, Dublin was acquired by Sam McCauley Chemists from Gillian Hudson and becomes the pharmacy chain's third Dublin store as the group seeks to build its presence in the capital. Meanwhile, Fermoy Medical Hall, which was acquired from Orla Mellerick and Brian Whelan, adds another premium retail pharmacy offering to the group's already strong presence in Cork.
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