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News
Mezzanine investment in Apotek Hjärtat in SwedenEqvitec Mezzanine Fund III (under the name change to Armada Mezzanine Fund III) has provided mezzanine financing for the acquisition of over 200 pharmacies, under the brand Apotek Hjärtat, by Altor Fund III. The transaction was signed in November 9th, 2009, with final closing on February 2010. Apotek Hjärtat will from the outset be the largest independent pharmacy retail chain in Sweden.
The Swedish parliament voted on the 29th of April 2009 to open up the 38 year old pharmacy monopoly. The ambitions are, among others, to increase availability to pharmaceuticals, improve service offering and service diversity, achieve lower total cost of pharmaceuticals for the benefit of the consumer and the public. Altor's newly founded Apotek Hjärtat is one of the new companies that will make this possible.
Anders Nyberg, with over 20 years experience from leading executive positions within Swedish retailing, most recently as deputy CEO of ICA, has been appointed as CEO of Apotek Hjärtat. Jostein Lønberg, with a central role during the Norwegian pharmacy market deregulation as procurement director and marketing director in the leading pharmacy chain Apotek1, has been appointed deputy CEO.
The acquisition of over 200 pharmacies puts Apotek Hjärtat in a strong market position from the start, with a clear ambition to grow faster than the market as a whole.
"The transaction represents an exciting opportunity to participate in the reregulation of the Swedish pharmacy market and the investment will fit well in our portfolio given the stabile nature of the underlying market complemented at the same time by very attractive growth opportunities", says Jan Wiklund, Partner of Armada Mezzanine.
For more information, please contact:
Jan Wiklund, tel. +46 8 676 6562 or +46 70 551 4054
at Armada Mezzanine Capital Oy.