MerryMart Consumer Corp. is acquiring a controlling stake in Zamboanga City’s Cecile’s Pharmacy, the biggest pharmacy chain in Mindanao.
The company did not disclose the amount of transaction.
“The current management team of Cecile’s Pharmacy chain will continue to run the operations of the company in tandem with the MerryMart team,” it said.
The pharmacy has been in operation since 1964 and has 21 branches with over 300 in employees.
“MerryMart will continue to keep its eyes open for M&A 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.
MerryMart has set its Vision 2030 with the goal of a total of 1,200 branches nationwide aims to generate P120 Billion in systemwide recurring consumer sales revenue.
“In addition to enhancing MerryMart’s trade volume in the pharmacy and prescription drug items, this transaction will bring significant improvement on cost efficiencies as MerryMart continues to strive to deliver better value to its customers and stakeholders,” said Hannah Yulo-Luccini, MerryMart chief finance officer.
