German group Phoenix bought the Farmexim drug distribution company and the Help Net pharmaceutical retail network from Romanian investor Ovidiu Buluc.

The German group announced the transaction without disclosing its value. The deal may amount to over EUR 100 million, according to Ziarul Financiar estimates.

“The Romanian health care sector is developing dynamically. The acquisition paves our way to service this growth market which has been a white spot for us,” said Oliver Windholz, CEO of Phoenix Pharma SE.

Ovidiu Buluc founded Farmexim in 1990. The drug distributor had some 800 employees and a turnover of over EUR 400 million in 2016. The Help Net drug store chain includes some 220 pharmacies and has about 1,600 employees.

German group Phoenix Pharma operates on 26 European markets and has over 34,000 employees. The group’s turnover amounts to over EUR 24 billion per year.

editor@romania-insider.com

(opening photo: Phoenix Group)