Uniphar expands portfolio after buying McCauley Pharmacy Group 

Ger Rabbette, chief executive of Uniphar said the acquisition "further improves our leading position in the Irish retail pharmacy market". 

Uniphar has announced the acquisition of McCauley Pharmacy Group, subject to approval by the Competition and Consumer Protection Commission (CCPC).

The acquisition will add 37 retail pharmacies to Irish-listed Uniphar's portfolio and is part of the Group's expansion into retail.

The financial terms of the deal were not disclosed however, Davy analyst Colin Grant estimated that the acquisition was worth about €50m.

Ger Rabbette, chief executive of Uniphar said the acquisition "further improves our leading position in the Irish retail pharmacy market". 

He added that the expertise and advanced digital offering provided by McCauley Pharmacy Group "will complement our fast-growing consumer business in the supply chain and retail division".

According to Uiphar, the deal will be earnings accretive from completion. 

In a statement, the pharmaceutical firm said: "Earnings will be enhanced further through leveraging the group’s scale and infrastructure."

The group expects the acquisition to deliver a return on capital in line with its target rate of between 12% to 15% within three years.

Uniphar added that McCauley's experience as a provider of pharmacy and retail services will support its consumer business.

In a statement, Uniphar said that its supply chain and retail division had continued to outperform its medium-term guidance during the first half of the year. It added that evolving its offering in this sector is a priority for the group.

Tony McEntee, chief executive of McCauley Pharmacy Group stated that the future of the McCauley business is in very safe hands due to "Uniphar’s strong track record in this sector”.

Davy's Mr Grant said the deal "boosts Uniphar’s market share of owned pharmacies in Ireland from 5% to 7% (now 140 pharmacies), and the company has existing relationships with a further 280 pharmacies".

He continued stating that the deal was similar to Uniphar's acquisition of Hickey pharmacies in 2020 and added that acquiring McCauley Pharmacies Group was "extremely complementary" to Uniphar's portfolio.

Dublin-headquartered McCauley's was first founded in Wicklow in 1953. The company now has 37 pharmacies across Ireland and over 600 employees.

Founded in 1967, Irish-listed Uniphar provides pharmaceutical services to over 200 pharmaceutical and medical manufacturers. The group employs over 2,600 staff and delivers services to over 160 countries. 

Uniphar shares were up 1.36% at 10 am.