Benchmark International is delighted to announce the acquisition of Webmed Pharmacy by Vulcan Two.
Webmed is a vertically integrated B2C digital pharmacy, dispensing and distributing medications through a bespoke consumer-facing eCommerce website. Based in Cheshire, England, Webmed was founded in 2014 to address the need for discrete treatment and testing for sensitive and intimate conditions. The business offers a wide variety of treatments for conditions such as weight-loss, sexually transmitted infections, erectile dysfunction and hair loss. Webmed has shown robust and profitable growth in recent years.
Vulcan Two is aiming to create the UK's leading regulated ePharmacy platform through buy-and-build. As well as Webmed Pharmacy, Vulcan Two has also acquired CloudRx Holdings Limited and Hyperdrug Pharmaceuticals Ltd for an aggregate consideration of up to £41.7 million. The transaction constituted a reverse takeover under the AIM Rules.
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The directors believe that the growth of the enlarged group will be supported by strong market tailwinds and driven by targeted sales initiatives, scalable infrastructure and a drive to best-in-class service. It is expected to show underlying profitability and cash generation, generating over £35 million revenue, with a high proportion of recurring revenues.
Michael Kraftman, Chief Executive Officer of Vulcan Two, commented:
"We are delighted to announce the acquisitions which will serve as the foundation on which we will aim to build the UK's leading regulated ePharmacy platform. This significant milestone marks the beginning of an exciting new chapter as we work to integrate the targets and pursue our strategy as stated at IPO, supported by strong market tailwinds. We believe we are well positioned for the future, and look forward with great excitement to further opportunities ahead."
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