Clyde & Co advises Kamco Invest on the sale of majority stake in Planet Pharmacies

Clyde & Co advised Kamco Invest private equity funds and co-investors on the sale of their 60 per cent stake in Planet Pharmacies, one of the leading regional pharmaceutical distributors in the Middle East, to Gulf Pharmaceuticals Industries (Julphar).

Clyde & Co acted as sole legal counsel to Kamco Invest private equity funds and co-investors on various aspects of this transaction, including drafting and negotiating the transaction documents.

Planet Pharmacies was set up in 2007 as a joint venture and since its establishment, Planet Pharmacies has experienced exponential growth with its operations expanding outside the UAE to reach Saudi Arabia and Oman. The company embarked on implementing its successful expansion strategy through acquiring a large retail chain of pharmacies, setting up new pharmacies across different cities, in addition to introducing the wholesale distribution rights of new agencies from regional and international pharmaceutical manufacturers.

Roshanak Bassiri-Gharb, corporate legal director at Clyde & Co in Dubai, commented, “We are delighted to have worked alongside the in-house teams of Kamco Invest funds and co-investors on this strategic transaction. Acting as sole external counsel, our effective collaboration enabled us to reach a successful outcome within a particularly short timeframe. We look forward to continuing to support the group’s healthcare investment strategy across the UAE and the wider Middle East region.”

Sameh Sarwat, senior vice president of private equity at Kamco Invest, added, “This is one of several exits that are currently being contemplated, which falls in line with our current strategy to monetize investments and distribute cash to investors. Our exit to Julphar reflects the success of our business model that is focused on partnering with reputable strategic players and working together on implementing bespoke value creation plans to maximize the value. We look forward to progressing further our current discussions with potential partners, in order to provide our investors with off-market investments that offer attractive risk-adjusted returns.”

The Clyde & Co team was led by Naji Hawayek (partner – corporate) and Roshanak Bassiri-Gharb, with the support of Ghalya Rashid Ali (associate – corporate).