Clean bill of health with operating profit up 95% at Sam McCauley chain
Pharmacy chain records strong result for private equity fund which includes several other Irish businesses in its portfolio, namely, Carroll Cuisine, Lily O'Brien's and the AA
18 August 2017
Profits at Sam McCauley Chemists are in rude health. In fact, they jumped by 55% to €4.6 million for the 12 months ending 2 October 2016, up from €2.97 million reported the previous year.
The pharmacy chain, first established in 1953 in Enniscorthy, Co. Wexford as a family-run business, was recently acquired by private equity fund Carlyle Cardinal Ireland for the grand sum of €50 million.
Financial details show the chemists in a positive light. Full-year turnover rose to €7.8 million, up from €74.8 million. Net income rose significantly to €3.8 million from €1.95 million. A whopping 95% gain in operating profits was also recorded, up from €3.5 million to €5.07 million.
The Irish Times reports the Competition and Consumer Protection Commission last month approved the acquisition by the buyer; a partnership of US-based Carlyle Group and Irish investors Cardinal Capital.
The €292 million private equity fund owns several other Irish businesses including chilled meats processor Carroll Cuisine, chocolate maker Lily O’Briens and motoring organisation AA.
Carlyle reports plans to double the size of the pharmacy chain over the next three-to-five years through both organic and acquisitive growth.