Alliance Boots takes control of Turkish wholesaler

BOOTS' parent company has taken a controlling stake in Turkish pharmaceutical wholesaler Hedef.

The move is expected to give Alliance Boots a toehold to sell drugs into more African countries.

It has become the major shareholder in Hedef Alliance , one of the largest pharmaceutical wholesalers in Turkey.

Alliance Boots, which already has a 50 per cent stake, has increased its shareholding to 60 per cent and will further increase this over the next two years.

Ethem Sancak will continue as executive chairman with an increased personal stake.

Hedef Alliance has a controlling 50 per cent stake in United Company of Pharmacists, the leading pharmaceutical wholesaler in Egypt.

It also has an associate interest in Hydrapharm, the largest wholesaler in Algeria.

Hedef has consolidated revenue of around £2.4 billion, of which £1.9 billion is in Turkey and £500m in Egypt.

It operates more than 130 distribution centres and has over 8,500 employees.

Turkey, with a growing population of more than 72 million, is one of the 15 largest pharmaceutical markets.

Hedef Alliance was founded by Ethem Sancak and other members of his family in 1987.

Alliance made an initial 25% investment in 2001 increasing this to 50% in 2002.