WESTERN Australian banner, Wizard Pharmacy, is engaging consultancy firm, EY Strategic Advisors Australia, to assist in acquiring a strategic growth investor to support its expansion across the country.
With a current network of 41 stores in WA, the Northern Territory and South Australia, Wizard's CEO, Lyndon Dyson, is aiming to secure investment to see more than 100 stores nationwide by 2027.
Dyson said the strategy would provide an investor with the opportunity to secure an equity stake in a business he believes will reach a market size of $26.1 billion by 2028.
"I have really been amazed by the positive industry response to the Wizard information memorandum and have already received many applications for further information," he said.
"Feedback from the industry indicates a significant escalation in the anticipated value of our franchise partners' pharmacies.
"With a strong brand name and market footprint, we have a proven growth model supported by powerful industry tailwinds.
"Our integrated business platform and full-service model drive our strategy implementation and promote pharmacy growth and profitability, providing best-in-class systems and attractive economics."
Dyson added that securing strategic investment would "directly benefit" franchisees and "the interest they hold in the brand".
"We're excited by the opportunity this next stage presents to significantly increase value, not only for the company and our new investor partner, but also for our individual franchisees," he said.
EY's Strategic Advisor Division is accepting expressions of interest in Wizard's offer until 21 Nov.
The above article was sent to subscribers in Pharmacy Daily's issue from 17 Oct 22
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