The diversified pharmacy group Uniphar agreed to buy McCauley Pharmacy Group for about €50 million today. They bought it from CCI, a private equity fund set up by America’s Carlyle and Dublin-based Cardinal Capital.  This is not the outcome CCI had in mind when it bought 61.2 per cent of McCauley in 2017 at a valuation of €52 million. Private equity firms target returns of 22-25 per cent per year. They typically sell their target companies within five years. Based on those numbers, in 2017 CCI would have been hoping to sell McCauley for well over €100 million by 2022. …

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