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Pharmacy chain Sam McCauley Chemists, which was recently subject to a €50 milion takeover from private equity fund Carlyle Cardinal Ireland, recorded a sharp rise in profits last year, recently filed accounts show.
The group, which operates 30 stores and employs 600 people in Ireland, reported a €4.6 million profit for the 12 months ending October 2nd, 2016. This marks a 55 per cent increase versus the €2.97 million reported a year earlier.
The jump in profit came as full-year turnover increased to €78.8 million from €74.8 million.
Net income rose to €3.8 million from €1.95 million with the group recording a 95 per cent gain in operating profits from €3.5 million to €5.07 million.
Sam McCauley Chemists was founded in 1953 in Enniscorthy, Co Wexford as a family-owned store. It has since grown to become one of the largest pharmacy chains in Ireland.
Tony McEntee, the former chief executive of Allcare Pharmacy Group and finance director of Lifestyle Sports, was recently named as the company’s new chief executive.
His appointment comes after the Competition and Consumer Protection Commission (CCPC) last month approved Carlyle’s takeover of the group.
The buyer is a partnership of US-based Carlyle Group and Irish investors Cardinal Capital.
The €292 million private equity fund has a number of other Irish businesses including chilled meats processor Carroll Cuisine chocolate maker Lily O’Briens and motoring organisation AA, the latter of which it acquired for €156.6 million last year.
Carlyle said it intends to double the size of the pharmacy chain over the next three-to-five years through a combination of organic and acquisitive growth.