Private equity fund Carlyle Cardinal Ireland is to invest in independent retail pharmacy group Sam McCauley Chemists.
The companies have not disclosed the size of the investment, but said it will be made before the end of the summer.
Having joined his father’s business in 1978, Sam McCauley transformed it from a single chemist shop in Enniscorthy, Co Wexford, to the third largest retail pharmacy group in Ireland.
The group now has 30 stores and almost 600 employees nationwide. It reported a turnover of €75m in 2015.
The company also said that after the investment, Patrick McCormack will step down as Managing Director of the chain after over 25 years' service to pursue other business interests.
Tony McEntee, the former CEO of Allcare Pharmacy Group and Finance Director of Lifestyle Sports, will join the company as CEO in the summer.
CCI has been an active growth investor in the Irish market over the last three years.
Sam McCauley Chemists is the fund's eighth investment and follows investments in AA Ireland, Payzone, Carroll Cuisine, Lily O’Brien’s, General Secure Logistics Services (GSLS), Learning Pool and Abtran.
Sam McCauley said the investment from CCI allows the group to continue growing and will accelerate future innovations for the benefit of its customers and for the development of its staff.
