Welcoming new members into the FEMSA family is always a cause of pride. This time, FEMSA Comercio, as part of its growth strategy, signed an acquisition agreement that will give it a majority stake in Socofar, a leading drugstore operator in South America based in Santiago de Chile, which also has a presence in Colombia.
Socofar has various brands, among them the Cruz Verde drugstores with 643 points of sale, and Maicao, with 154 stores specializing in beauty products, both located in Chile. Finally, the Farmasanitas brand, located in Colombia, operates more than 150 drugstores combining on-site formats and medical dispensaries.
In addition to the points of sale and its entry into the beauty product market, the transaction brings FEMSA Comercio into the business of distributing pharmaceuticals to third-party clients, producing generic medicines and bioequivalents, where Socofar is a market leader.
As part of the purchase process, regulatory approval is expected by the end of the fourth quarter of 2015.