Eterus Capital and Ethernum Capital have partnered to consolidate the Slovak pharmacy market

August 2024 — Eterus Capital has acquired a majority stake in EC Pharmacies, a consolidation platform established in partnership with Ethernum Capital.

Eterus Capital is a private equity fund founded in 2008, specializing in supporting small and medium-sized enterprises with proven business models and growth potential. The fund focuses on minority investments, ensuring management control remains with the original shareholders. Over the years, Eterus Capital has provided more than US$41 million (€40 million) in funding to over 20 companies. Its portfolio includes prominent brands such as Sygic, HOPIN, eyerim, Saneca Pharmaceuticals, Groupsolver and MTBIKER.

EC Pharmacies is a joint venture between Eterus Capital and Ethernum Capital, established to consolidate the Slovak pharmacy market through a "buy-and-build" strategy. The objective is to acquire 25–50 targeted pharmacies, improve operational performance, centralize marketing and supply chains and ultimately sell the established network to a strategic partner. Since its inception, EC Pharmacies has acquired nine pharmacies with an estimated annual portfolio revenue of US$6.2 million (€6 million). The company plans to expand its network by launching and acquiring additional operations in the near future, further strengthening its market presence.

Our role in the transaction

Oaklins’ team in Slovakia advised the buyer in this transaction.