GOKONGWEI-led retailer Robinsons Retail Holdings, Inc. has acquired a majority stake in the country’s largest generics drugstore chain The Generics Pharmacy (TGP) from the Liuson family.
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, RRHI said it had acquired a 51-percent stake in TGP, which has over 1,800 stores across the country.
The Liuson family which founded TGP has been in the pharmaceutical business since 1959, initially as importer and wholesaler under the name Pacific Pharma.
In 1983, Pacific Pharma shifted its focus to generic medicines after realizing the serious need of most Filipinos for quality medicine at affordable prices.
In 2001, the Liuson family ventured into retail and set up The Generics Pharmacy (TGP). As demand grew, in 2007, TGP decided to bring affordable healthcare and medicines more accessible to far-flung areas of the country through the franchising business model.
Combined with RRHI’s South Star Drug, this acquisition by RRHI will put the retail drugstore network of the Gokongwei group to nearly 2,200 stores nationwide, the largest in terms of the total number of store outlets in the country, targeting all types of consumers and covering all segments of the drugstore business.
“We are very excited to partner with TGP. This is because TGP strongly believes in its vision to offer quality products at very affordable prices and in convenient locations. It is an honor to continue the company’s legacy and to further grow the business,” said Robina Gokongwei-Pe, president and chief operating officer of Robinsons Retail.
“We have been a firm believer that a Filipino deserves nothing less for less cost. Thus, we have been true to our mission of helping address the health needs of every Filipino by providing a complete range of safe, quality and cost-effective generic medicines and healthcare products and services. As we profit from accomplishing this mission, we ensure our growth is shared among our franchisees, partners, suppliers and employees. It is our hope to bring our business a step higher with our partnership with Robinsons Retail,” said Benjamin Liuson, founder and chairman of TGP.
TGP and the Liuson family were advised by Fortman Cline Capital Markets in this transaction.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
