The family-owned McCabes Pharmacy group is to be bought by PHX Ireland, the owner of the LloydsPharmacy chain in Ireland.
The deal, if cleared by competition regulators, will see two of the best-known retail pharmacy brands in the country merge their operations and create a behemoth in the sector with turnover of more than €200 million.
The amalgamated group will trade under the McCabes brand and be led by chief executive of McCabes boss Sharon McCabe. It is understood no branches will face closure off the back of the deal. The financial terms were not disclosed.
Accounts filed with the Companies Registration Office show LloydsPharmacy made a profit of €1.1 million in the year ended March 31st, 2022, which was up from a loss of €4.2 million the year before.
The company generated a turnover of €144.6 million, which was up from €135 million. The increase in turnover was attributed to the lifting of Covid-19 lockdowns and strong sales of antigen test kits.
Kalamunda, the holding company that owns the McCabes Pharmacy group, generated a turnover of €64.1 million in the year ended December 30th, 2022. That figure was up from €57.9 million the year before. The company made a profit of €843,306, which was up from €426,009 the year before. The firm employs 436 people.
LloydsPharmacy operates 82 stores across the Republic, while McCabes Pharmacy has 32 stores in the greater Dublin area.
The combined entity will form part of the family-owned Phoenix group, which provides wholesale, retail and services for the pharmaceutical industry in Europe.
Phoenix established an Irish presence following the completion of the McKesson Europe acquisition, which includes United Drug, one of Ireland’s leading pharmaceutical wholesalers and distributors.
It also acquired TCP Homecare here, which is an innovator in clinical home nursing services and direct-to-patient delivery solutions.
Paul Reilly, chief executive of PHX Ireland, said: “We are delighted to welcome the McCabes Pharmacy group into the Phoenix family.
“We have worked with McCabes for many years via our United Drug business and have always admired the innovation of services and distinctive customer service levels that Sharon and her team have brought to the Irish market.
“Sharon will lead the combined 110-plus community pharmacies with a patient and colleague-centric approach, while continuing to provide the high standard of services both groups have been providing for many years.”
Ms McCabe said: “We have shared ambition, values and a vision for primary care in Ireland which centres on providing patients and their families with the very best advice, support and access to medicines.”
PHX Ireland employs close to 2,000 staff and partners and operates five distribution centres that serve more than 1,900 pharmacies, hospitals, clinics and primary care centres. During the pandemic, PHX Ireland was the sole distributor of Covid-19 vaccines in Ireland.
