13:50 (GMT +7) - Friday 24/05/2019

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MEF III finances Pharmacity

Released at: 13:53, 08/05/2019

MEF III finances Pharmacity

Photo: Pharmacity

Mekong Enterprise Fund III makes 8th investment, in Pharmacity Pharmacy JSC.

by Linh San

Mekong Capital has announced that its Mekong Enterprise Fund III (MEF III) has provided financing to the Pharmacity Pharmacy Joint Stock Company; the eighth company to receive financial support from MEF III.

“Our partnership with Mekong Capital will empower us to continue improving healthcare for Vietnamese people and help accelerate our growth while better positioning us to execute on our vision and mission to build the most convenient pharmacy chain, where customers fully entrust their health and wellness - which we’ve continued to make progress on so far,” said Mr. Chris Blank, CEO of Pharmacity. “I am extremely pleased that a respected, long-term partner like Mekong Capital shares our view about the great opportunity ahead for Pharmacity.”

As at April, Pharmacity’s network had increased significantly, to 186 stores in Ho Chi Minh City, Can Tho, Binh Duong, Vung Tau, and Hanoi. The company is now the largest pharmacy retail chain in the country.

It recently celebrated surpassing 1 million subscribers to its customer loyalty program, marking the continued trust from local customers in better healthcare products and services.

By 2021, Pharmacity plans to enlarge its network to more than 1,000 stores with a national presence.

“We are very excited about Pharmacity,” said Mr. Chad Ovel, Partner at Mekong Capital. “The company was the first retailer in the sector to demonstrate that all of Vietnam’s regulations and compliance thresholds can be met and still generate a healthy store level profitability. This is a breakthrough for Vietnamese consumers, who will substantially benefit from the company’s transparent product traceability system.”

He believes that with Mekong Capital’s well-proven approach towards adding value, called “Vision Driven Investing”, and the company’s extensive network of international experts and resources, Pharmacity will continue to improve its operations and successfully execute an ambitious nationwide expansion plan.

Established in 2001, Mekong Capital is a Vietnam-focused private equity firm with the most extensive private equity track record in the country. Its investee companies are typically among the fastest growing and market leading companies in Vietnam’s consumer-driven sectors such as retail, restaurants, and consumer products.

Mekong Capital commits substantial time and resources to adding value to the companies in which its funds invest and has played an important role in the success of many of its past investments. MEF III applies Vision Driven Investing and utilizes Mekong Capital’s extensive network of international experts and resources.

Launched in May 2015, MEF III currently has $112.5 million in committed capital. It has announced seven other investments: ABA Cooltrans, Red Wok (formerly Wrap & Roll), F88, Ben Thanh Jewelry (Precita), Nhat Tin, Yola Education, and Vua Nem.

Pharmacity was established in November 2011 and is one of the first cutting-edge retail pharmacies in Vietnam, aiming to improve the quality of healthcare for each customer.

It retails both traditional Vietnamese and Western medicines as well as beauty products and vitamins. Available items at stores are sourced directly from authorized distributors and manufacturers, rather than wholesalers or traders, to present customers with the highest quality authentic products.

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