MerryMart Consumer Corp. said it is acquiring a majority stake in drug store Carlos SuperDrug of Quezon Province.
The company said it has signed agreement with the pharmacy’s owner Carlos Drugs-Lucena Inc., for a 67 percent stake.
Carlos SuperDrug is the biggest pharmacy chain in Quezon Province, founded in 1946 in Lucena City.
“Carlos SuperDrug has 27 operating branches to date and is EBITDA (earnings before interest, taxes, depreciation and amortization) and net income positive,” MerryMart said.
The company said the current management team of Carlos SuperDrug will continue to run the operations of the company in tandem with the MerryMart team.
“In addition to enhancing MerryMart’s range of pharmacy offerings, this transaction will give MerryMart greater market share in the region and increase its competitiveness whilst strengthening its supply chain as MerryMart continues to strive to deliver better value to its customers and stakeholders,” said Hannah Yulo-Luccini, MerryMart chief finance officer.
“While the MerryMart Group continues on with its organic expansion, MerryMart t will continue to keep its eyes open for (M&A( merger and acquisition opportunities in both the grocery and pharmacy space that would accelerate its growth to capitalize on the continued consolidation from traditional to modern retail in the Philippines.” said Edgar Sia II, MerryMart chairman.
