Mekong Enterprise Fund III backs Pharmacity, Vietnam’s largest pharmacy retail chain
Ho Chi Minh City, Vietnam (07 May 2019) – Mekong Capital is pleased to announce that the Mekong Enterprise Fund III has provided financing to Pharmacity. This is the 8th company to receive financial support from MEF III.
As of April 2019, Pharmacity’s store network has increased significantly to 186 stores in Ho Chi Minh City, Can Tho, Binh Duong, Vung Tau, and Hanoi. The company is now the largest pharmacy retail chain in Vietnam. Recently, Pharmacity has celebrated surpassing one million customers who have subscribed to its customer loyalty program, marking the continuous trust from Vietnamese consumers for better health care products and services.
By 2021, Pharmacity plans to enlarge its network to more than 1000 stores with a national presence across Vietnam.
Mr. Chris Blank, CEO of Pharmacity, said:
“Our partnership with Mekong Capital will empower us to continue improving healthcare for the Vietnamese people and help accelerate our growth while better positioning us to execute on our vision and mission to build the most convenient pharmacy chain where customers fully entrust their health and wellness – which we’ve continued to make progress on so far. I am extremely pleased that a respected, long-term partner like Mekong Capital shares our view about the great opportunity ahead for Pharmacity.”
Mr. Chad Ovel, Partner of Mekong Capital, said:
“We are very excited about Pharmacity. The company was the first retailer in this sector to demonstrate that all of Vietnam’s regulations and compliance thresholds can be met and still generate a healthy store level profitability. This is a breakthrough for Vietnamese consumers who will substantially benefit from the company’s transparent product traceability system. We believe that with Mekong Capital’s well proven approach towards adding value, called Vision Driven Investing, and our extensive network of international experts and resources, Pharmacity will continue to improve their operations and successfully execute an ambitious nationwide expansion plan.”
Pharmacity was established in November 2011 and is one of the first cutting-edge retail pharmacies in Vietnam, always aiming to improve the quality of health care for each customer.
Pharmacity retails both Vietnamese traditional and Western medicines, as well as beauty products and vitamins. Available items at the stores are sourced directly from authorized distributors and manufacturers, rather than wholesalers or traders, to serve its customers with the highest quality authentic products.
Led by the Founder and CEO, Mr. Chris Blank, Pharmacity has assembled a high-performance management team with extensive experience in pharmacy, retail, and pharmaceuticals – both in Vietnam and internationally. This together with a strong commitment to provide the best creditably sourced products, Pharmacity is expected to continue to lead the convenient pharmacy chain model and is entrusted by customers for their health and wellness.
About Mekong Capital & Mekong Enterprise Fund III
Established in 2001, Mekong Capital is a Vietnam-focused Private Equity firm, which has the most extensive private equity track record in Vietnam. Mekong Capital’s investee companies are typically among the fastest growing and market-leading companies in Vietnam’s consumer-driven sectors such as retail, restaurants, and consumer products.
Mekong Capital commits substantial time and resources to add value to the companies in which its funds invest and has played an important role in the success of many of its past investments. Mekong Enterprise Fund III applies Mekong Capital’s well-proven framework for adding value called Vision Driven Investing, and utilizes Mekong Capital’s extensive network of international experts and resources.
Launched in May 2015, Mekong Enterprise Fund III is a private equity fund, and currently has $112.5 million in committed capital. Mekong Enterprise Fund III has announced seven other investments, including ABA Cooltrans, Red Wok (formerly Wrap & Roll), F88, Ben Thanh Jewelry (Precita), Nhat Tin Logistics, Yola Education, and Vua Nem.