Cara-SBP Deals of the Year

Posted on: 29-January-2019
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By Sunday Business Post

DunPort were delighted to be featured in the recent Sunday Business Post’s 2017 Deals of the Year piece. The DunPort team advised the 77GSL Corporate Credit Fund on the provision of capital to Cara Pharmacies to facilitate the acquisition of Abbey Healthcare. Cara, led by Canice and Ramona Nicholas, is one of Ireland’s leading pharmacy chains, operating a number of stores across Ireland. Abbey Healthcare is a provider of outsourced pharmacy services to nursing homes & hospitals.

Please see the Sunday Business post website (http://www.businesspost.ie) for the full article.

Cara Pharmacy checks into Abbey
It was by no means the biggest deal of the year, but it was one that was deftly done. By acquiring Abbey Healthcare, husband and wife team Canice and Ramona Nicholas took their Cara Pharmacy chain into Dublin for the first time.

It is a gutsy move by Cara taking its revenues to over €40 million and its employee numbers from 160 to 245. Abbey specialises in providing outsourced pharmacy services to nursing homes, long-term care institutions and hospitals.

Nicholas has spoken about her plans to bring Cara’s revenues to over €50 million. While the ticket price was not disclosed, establishing a footprint in Dublin is a statement of intent. Mazars advised Abbey, while Deloitte worked with Cara with debt provided by Dunport.

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