French group Hygie31 has decided to export its pharmaceutical model to Europe, and the first step is the acquisition of Ecoceutics, one of the leading pharmacy chains in Spain, based in Barcelona. Ecoceutics will contribute 156 partner pharmacies and a turnover of 200 million euros to its new group, which has six own brands, 700 partner pharmacies, 52 opticians, 24 medical supplies shops and two online pharmacies.

With the tagline “health for all”, the French company’s business is based on three principles: a wide range of products, affordable pricing, and the support of professional pharmacists who are approachable and trustworthy. Backed by the Five Arrows Principal Investments investment fund, the group thereby succeeded in increasing turnover to €1.7 billion in 2021, up 27% on the previous year.

New pharmacy concept
Ecoceutics was founded in 2005 by a group of 27 university classmates who decided to form a limited partnership and launch a new pharmacy concept, offer new services and create a purchasing group that could negotiate the most advantageous purchasing terms. At the moment it mostly operates  in Barcelona, Girona and the Balearic Islands.

The Ecoceutics management team, made up of 18 professionals and led by Valero Pallàs, will remain at the helm of Hygie31's new Spanish division. The firm's objective will be to adapt the French company's model to the Spanish market.

European healthcare ecosystem
Hygie31 President Hervé Jouves said, “This new acquisition confirms our commitment to developing a genuine European healthcare ecosystem, and underlines our ambition to become a major player in the health and wellness sectors, especially in the retail pharmacy market.” The choice of Spain as the country in which to launch its internationalisation strategy is explained by the fact that the two countries share “very similar growth dynamics, between 3% and 4% per year”, and both markets are worth around €22 billion.

Speaking about the choice of  Ecoceutics, Jouves explained that it was “an obvious way to enhance our development dynamics. This new acquisition will enable us to become the first French group to establish itself outside France: we will be able to increase our purchasing volume and negotiate better commercial terms for our members. Ecoceutics' extensive experience in IT and back office will also allow us to accelerate the development of new tools, which will be rolled out throughout the group.”

Growth prospects
For his part, Ecoceutics CEO Francesc Vilà is enthusiastic about the prospects for growth and development generated by the merger, “Thanks to the experience that's made the success of the Pharmacie Lafayette business concept possible, we're going to enhance the appeal of our brand and develop new products and services that will increase the competitiveness of both our current pharmacies and those that join us in the future.”

In terms of impact on the Spanish market, Vilà added, “This partnership will allow us to benefit from purchasing synergies to increase our leverage in the Spanish healthcare sector. Joining Hygie31, which has a long history of defending access to healthcare for all, will help us to continue to grow as healthcare professionals, always respecting the values that we share.”

^{Photo: Ecoceutics}