BENU Apoteka, part of Germany’s PHOENIX Group, has acquired 100% of Serbian pharmacy company Stesa-lek, adding eight outlets to its growing national network. The Stesa-lek pharmacies in Kikinda, Mokrin and Belgrade became part of the BENU network from September 1. The financial terms of the transaction were not disclosed.
BENU has operated in Serbia since 2014 and now runs more than 450 pharmacies. Stesa-lek had been operating for almost two decades. The acquisition continues BENU’s approach of expanding through established pharmacy businesses, adding existing locations, customers and professional teams alongside new outlets.
Acquisition-led expansion
The purchase gives BENU immediate access to operating pharmacies rather than requiring the company to develop new locations from the ground up. Established outlets also bring existing pharmacist teams, customer relationships and recognition in local markets. This can be particularly relevant outside the largest urban centres, where established relationships between pharmacies and regular customers form part of the local business base.
The transaction also adds scale to BENU’s operations. A larger network can distribute procurement, logistics, marketing, IT and inventory-management costs across more locations and strengthen purchasing relationships with pharmaceutical manufacturers and distributors. BENU also benefits from its relationship with PHOENIX Group, which operates more than 3,200 owned pharmacies across 15 European countries alongside its pharmaceutical wholesale and logistics activities.
Eight outlets add to a 450-plus network
The eight Stesa-lek pharmacies represent less than 2% of BENU’s Serbian network, so the transaction does not materially alter the company’s national footprint on its own. Acquisitions of smaller pharmacy businesses can allow large operators to increase their presence incrementally across selected markets. Independent pharmacies and smaller regional chains face costs related to employees, rents, technology and regulatory compliance, while larger networks can spread those expenses across a broader operating base.
For owners seeking capital for expansion or without succession arrangements, selling to a larger pharmacy group can provide an alternative to remaining independent. For BENU, acquiring established businesses provides additional locations and local operations without the development process associated with opening an entirely new network.
Employees remain part of the enlarged network
The transaction also includes the professional workforce of Stesa-lek. BENU said Stesa-lek employees will remain within the enlarged system, making personnel an important component of the acquisition alongside the physical pharmacies. Pharmacy expansion depends on access to qualified pharmaceutical professionals as well as retail locations. Acquiring an operating pharmacy business therefore allows an expanding network to obtain premises and experienced employees through the same transaction. This structure can increase the attractiveness of established pharmacy companies as acquisition targets even when individual businesses are relatively small.
Private networks expand amid public-sector pressures
The acquisition comes as parts of Serbia’s publicly owned pharmacy sector continue to face financial difficulties. Apoteka Beograd, the capital’s public pharmacy network, has faced accumulated financial and wage problems, creating a different operating environment from that of expanding private pharmacy chains. Private-sector consolidation does not mean that public pharmacies will be replaced, but the different financial positions of public and private operators affect the competitive structure of the market. Large private pharmacy networks are investing in procurement, digital services, loyalty programmes and network expansion, while some public-sector operators are focused on financial stabilisation.
Serbia within PHOENIX’s European operations
For PHOENIX Group, the Serbian pharmacy business forms part of a broader European healthcare platform spanning pharmaceutical wholesale, logistics and retail. The group’s vertically integrated operations connect activities between pharmaceutical manufacturers and patients, while a larger Serbian pharmacy network can increase distribution volumes, purchasing efficiency and utilisation of logistics infrastructure. The value of the Stesa-lek transaction was not disclosed, preventing an assessment of its purchase price or immediate financial return.
BENU, however, already operates a 450-plus pharmacy network in Serbia, allowing it to pursue smaller acquisitions without relying on a single large transaction to expand its market presence. The addition of eight Stesa-lek pharmacies increases BENU’s footprint in northern Serbia and Belgrade while bringing additional employees and established operations into the wider network.
