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Business

MerryMart buying Quezon pharmacy chain

Iris Gonzales - The Philippine Star

MANILA, Philippines — Tycoon Edgar “Injap” Sia II’s grocery chain operator MerryMart Consumer Corp. is acquiring a pharmacy chain in the province of Quezon.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, MerryMart said it   signed an agreement with Carlos Drugs-Lucena Inc. to acquire a majority stake in Carlos SuperDrug.

Sia said the acquisition would further grow MerryMart’s ecosystem.

“We are excited to soon work with the Carlos Group to further grow the business and at the same time welcome the Pharmacy DNA to the MerryMart ecosystem,” Sia said.

He said MerryMart would continue to be on the look out for acquisition opportunities while continuing with its organic expansion.

“While the MerryMart Group continues on with its organic expansion, 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,” Sia said.

Founded in 1946, Carlos SuperDrug is the biggest pharmacy chain in Quezon province. It will  celebrate its 75th anniversary next month.

It was founded by husband and wife team of Diomedes and Generosa Carlos.

MerryMart will acquire a minimum post-investment stake of 67 percent of Carlos SuperDrug.

At present, Carlos SuperDrug has 27 operating branches.

The current  management team of Carlos SuperDrug will continue to run the operations of the company in tandem with the MerryMart team, said MerryMart CFO Hannah Yulo-Luccini.

“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,” Yulo-Luccini said.

MerryMart Group’s various formats are MerryMart Store, MerryMart Market, MerryMart Grocery, MerryMart Wholesale and Dark Groceries.

It  also recently formed a new subsidiary MM Consumer Technologies Corp with MBOX Smart Lockers as the first in its consumer technology portfolio that is expected to add and complement to the ecosystem of the MerryMart Group.

The MerryMart Group has set its Vision 2030 with the goal of having total of 1,200 branches nationwide.  It aims to generate P120 billion in systemwide recurring consumer sales revenue.

Tycoon Edgar “Injap” Sia II’s grocery chain operator MerryMart Consumer Corp. is acquiring a pharmacy chain in the province of Quezon.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, MerryMart said it   signed an agreement with Carlos Drugs-Lucena Inc.

to acquire a majority stake in Carlos SuperDrug.

Sia said the acquisition would further grow MerryMart’s ecosystem.

“We are excited to soon work with the Carlos Group to further grow the business and at the same time welcome the Pharmacy DNA to the MerryMart ecosystem,” Sia said.

He said MerryMart would continue to be on the look out for acquisition opportunities while continuing with its organic expansion.

“While the MerryMart Group continues on with its organic expansion, 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,” Sia said.

Founded in 1946, Carlos SuperDrug is the biggest pharmacy chain in Quezon province. It will  celebrate its 75th anniversary next month.

It was founded by husband & wife team of Diomedes & Generosa Carlos.

MerryMart will acquire a minimum post-investment stake of 67 percent of Carlos SuperDrug.

At present, Carlos SuperDrug has 27 operating branches.

The current  management team of Carlos SuperDrug will continue to run the operations of the company in tandem with the MerryMart team, said MerryMart CFO Hannah Yulo-Luccini.

“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,” Yulo-Luccini said.

MerryMart Group’s various formats are MerryMart Store, MerryMart Market, MerryMart Grocery, MerryMart Wholesale and Dark Groceries.

It  also recently formed a new subsidiary MM Consumer Technologies Corp with MBOX Smart Lockers as the first in its consumer technology portfolio that is expected to add and complement to the ecosystem of the MerryMart Group.

The MerryMart Group has set its Vision 2030 with the goal of having total of 1,200 branches nationwide.  It aims to generate P120 billion in systemwide recurring consumer sales revenue.

PSE

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