EMMA Capital acquires majority stake in PROFARM
The EMMA Capital Group has acquired a 60% stake in the Greek pharmaceutical company PROFARM. The company is one of the largest wholesale distributors of medicines and medical supplies in the country. EMMA Capital joins the company through an increase in its share capital.
Headquartered in the capital city of Athens, PROFARM was founded in 1993 and currently serves 650 pharmacies and over one hundred pharmaceutical wholesalers. It employs 105 people and expects a turnover in excess of EUR 100 million in 2020.
Theodoros Skylakakis, one of the company’s founders and its CEO, welcomed EMMA Capital’s entry through its capital injection: “PROFARM has always had - and continues to have - the ambition to become the most important company operating in this sector in the Greek market. I believe that thanks to the entry through capital of a strong partner who has already been active in Greece and has gained considerable respect here, we will be able to fulfill this long-term goal.”
The EMMA Capital Group is well known in Greece since 2013, when it formed an international consortium that won a public tender for the privatization of the Greek state’s 33% share in the lottery company OPAP. Between 2013 and 2018, EMMA Capital had managerial control of OPAP.
“I am confident that we will apply our experience from the Greek market in this sector, which is new to us. We have been closely following PROFARM for a long time and we see great promise in the company. That is why I am glad that the entire acquisition process was brought to a successful conclusion”, said EMMA Capital partner Michal Houšť, who served as OPAP's CFO until 2019.
The entire transaction was signed in Athens on June 15th, 2020, and the capital increase will take place in July.
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