Well, the branch of the Christian Health Insurance Fund (CM) that housed the pharmacies, hearing centers and home care shops had been in dire straits for some time. Tens of millions of euros have been lost in recent years, partly as a result of the corona crisis, inflation and competition with online sales. Three hundred jobs were at risk.
In the meantime, the healthcare retailer sold all its hearing centers, a part that did make a profit, to a Danish group. And now the 88 pharmacies are following suit, with a positive operating result of 3.3 million euros in 2023 on a turnover of 169 million euros. The Multipharma group, affiliated with the socialist movement, announced the takeover on Monday evening, just before Labor Day. Multipharma was not the only candidate acquirer. The Colruyt Group, which owns an online pharmacy, was also reportedly a candidate.
Home care
The IMV (individual medication preparation) department, which prepares individual dosages of medicines for residents on behalf of residential care centers, among others, will remain with Goed, due to “the connection with other activities of Goed for the same customers”.
The chain now wants to focus on expanding its home care offering in 36 home care stores: renting, selling and providing all kinds of aids such as wheelchairs and hospital beds. “God is currently the market leader in that market, and it wants to strengthen that position,” it said.
Multipharma strengthens its position as the largest pharmacy chain in the country. Today it already has 243 pharmacies and 1,800 employees, mainly in Wallonia and Brussels. With Goed’s 88 pharmacies, it is now also strengthening its position in Flanders. “Nothing will change for the 436 employees and customers,” the company assures. “The 436 employees of the Goed pharmacies and the pharmacy wholesaler will continue to work after the takeover.”
Cooperatives
The two chains have known each other for a long time. They are both cooperatives, one originated from the socialist movement, the other from the Christian movement. “Multipharma is a logical acquirer for us. We were already two cooperative pharmacy groups that shared the same values and approach,” says Jan Kuyps, CEO of Goed. Multipharma sees the cooperative model as “the best guarantee to ensure the accessibility of healthcare,” says CEO Geert Reyniers.
The takeover still needs to be approved by the Competition Authority. An acquisition price has not been disclosed.
