Carlyle Cardinal Ireland Invests in Sam McCauley Chemists
Private equity fund Carlyle Cardinal Ireland has agreed an investment in Sam McCauley Chemists Limited, the independent retail pharmacy group. The investment, terms of which are not being disclosed, is expected to complete before the end of the summer.
19 May 2017 | 0
In 1978, Sam McCauley joined the business his father established, and since then has transformed it from a single family-owned chemist shop in Enniscorthy, County Wexford, to the third largest retail pharmacy group in Ireland. With 30 stores and almost 600 employees nationwide, the company had a turnover of €75 million in 2015.
Following Carlyle Cardinal Ireland’s investemnt in the company, McCauley will continue as a significant shareholder of the company and remain on the board of directors alongside Ian Daly and Jonathan Cosgrave from CCI.
Patrick McCormack will step down as MD of the company following more than 25 years’ service, to pursue other business interests. Tony McEntee, one of Ireland’s most experienced retailing executives, and the former CEO of Allcare Pharmacy Group and Finance Director of Lifestyle Sports, will join the company as CEO following the completion of the investment.
“The health and well-being of our customers is at the heart of everything we do,” said McCauley. “We have maintained that customer focus and high degree of service as the business expanded in size over the years through a continuous focus on introducing new products and services. The investment from CCI allows us to continue this growth as an Irish-owned business and will accelerate future innovations for the benefit of our customers and for the development of our loyal employees.
“I look forward to working with Tony and CCI during this exciting next stage in the company’s evolution.”