GOOD PRICE GROWTH TO ACCELERATE
27 August 2014, Written by Laura Daquino
GOOD Price Pharmacy has received a sizeable investment from EBOS Group through its Symbion pharmacy business.
The news has been a long time coming, but Good Price Pharmacy managing director Anthony Yap (pictured) has finally confirmed the deal which took effect on Monday.
Symbion, a Christchurch-based healthcare and animal care manufacturer, has acquired a 25 per cent stake in the Brisbane born and bred discount chemist retailer for an undisclosed amount.
Speaking to Brisbane Business News, Yap says the investment opens up a wealth of opportunities.
“This is a great opportunity where we will be able to leverage off Symbion’s retail expertise, state-of-the-art supply chain systems and tap into their existing network,” says Yap, who has long been focused on establishing Good Price Pharmacy as a brand with a strong national presence.
“This will help to reduce costs and improve efficiencies at each store, and evolve our model at a faster rate so more consumers have access to our brand in the near future.”
The acquisition will reportedly pave the way for wholesale supply of pharmaceuticals by Symbion to all Good Price Pharmacy stores and future development of the brand’s franchise network.
Good Price Pharmacy currently has 47 stores across Queensland, Victoria, New South Wales, Tasmania, South Australia and Western Australia.
EBOS Group reported its results today to the New Zealand Stock Exchange with the announcement as a highlight.
The group trebled its profit result following its acquisition of Symbion, and undoubtedly anticipates this will be a fruitful investment too.
“Good Price Pharmacy Warehouse is a very successful discount format in the marketplace and we were attracted by what Anthony Yap and his team have achieved,” says EBOS Group CEO Patrick Davies.
“There is certainly strong potential for further growth, and we see the partnership being able to accelerate the expansion of the brand across Australia.
“We are looking forward to a long and mutually-beneficial relationship.”