Kamco Invest announces that it has successfully exits the 60% stake in Planet Pharmacies LLC
15 July 2021, 12:00 AM
31 July 2021, 12:00 AM
Kamco Invest, a regional non-banking financial powerhouse in the region, has successfully exited the 60% stake in Planet Pharmacies, held by Kamco Invest private equity funds and co-investors, to Gulf Pharmaceutical Industries (Julphar).
Ihsan Sancay, Executive Director of Private Equity at Kamco Invest said: “The exit from Planet Pharmacies, in such challenging market conditions, is a testament to our commitment and ability to grow our portfolio companies and to realize successful exits”.
“Since initiating our joint venture with Julphar in 2007 to set up Planet Pharmacies, we played an instrumental role in expanding the company’s operations and geographic footprint, both for the retail and distribution segments, establishing Planet Pharmacies as one of the premier pharmaceutical players in the region”, he added.
Since its establishment in 2007, Planet Pharmacies has experienced exponential growth with its operations expanding outside the UAE to reach Saudi Arabia and Oman. The company embarked on implementing its successful expansion strategy through acquiring a large retail chain of pharmacies, setting up new pharmacies across different cities, in addition to introducing the wholesale distribution rights of new agencies from regional and international pharmaceutical manufacturers.
Abdullah AlSharekh, Managing Director of Markets and Investment Banking at Kamco Invest commented: “We look forward to successfully closing more transactions through our Mergers and Acquisitions Advisory team, who are always ready to achieve our clients’ preset objectives and deliver the best possible outcome for all our valued clients.”