Euroapteek OÜ, subsidiary of Euroapotheca Group, has signed an agreement to acquire Yliopiston Apteekki’s pharmacy operations in Estonia. After the acquisition, Euroapteek will buy and integrate 13 pharmacies, currently owned by Yliopiston Apteekki OÜ, and continue to provide franchise services to 11 pharmacies that work under Ülikooli Apteek brand name.
Part of Euroapotheca Group, Euroapteek OÜ is to acquire the Estonian pharmacy operations of Finland based pharmacy group Yliopiston Apteekki. Founded in 1755, Yliopiston Apteekki currently operates in Finland, Estonia and Russia. Euroapotheca is an international group that manages pharmacy retail chains and wholesale companies in Lithuania, Latvia, Estonia, Poland and Ukraine. The group currently owns a total of over 450 pharmacies.
-The expansion of Euroapteek network brings benefits first and foremost to our customers, as all Ülikooli Apteek pharmacies excellently fit to our network without lapping locations. Together with Ülikooli Apteek family we wish to continue Euroapteek network’s development and accordingly offer the best and most convenient service to our customers, says Inna Mets, Chair of the Board of Euroapteek OÜ.
According to CEO of Yliopiston Apteekki Group, Jukka Niemi, the reason for the sale is that the group’s current market share in Estonia is not optimal for the future. Meanwhile, as part of Euroapotheca Group, the chain will more than double its size in Estonia and have excellent possibilities to operate effectively and provide better customer service in the future.
Inna Mets says that the deal follows Euroapotheca Group’s strategy for growth in the Nordics as well as Central and Eastern European markets through acquisitions and organic growth. After the transaction, the Euroapteek network will consist of a total of 73 pharmacies, of which 54 owned by Euroapteek OÜ and 19 operating under franchise agreement. In November 2017, Euroapotheca Group acquired 159 pharmacies from the Swedish Apoteksgruppen. According to Raimonda Kižienė, CEO and Chair of Euroapotheca group, the company will continue to look for opportunities at its current and new markets in the Baltics, Northern Europe and CEE region.
After the transaction, all Ülikooli Apteek pharmacies will at first continue to operate under the existing brand, and all pharmacy staff will continue at their current roles. Euroapteek will also continue to support all franchisee pharmacies in the way it is done under the current structure.
The transaction is subject to the approval of Estonian Competition Authority.
ProMan IMAP Finland advised Yliopiston Apteekki throughout the sale process of its Estonian pharmacy operations.