Apotek Hjärtat – A clear vision and strategy in a complex deregulation

When Sweden’s state monopoly on pharmacies was opened to competition in 2009, it provided interesting investment opportunities.

The key participants’ extensive experience of the pharmacy channel through board work in ACO Hud, Ferrosan and Nycomed, and the retailing competence of the incoming management team, lead by Anders Nyberg, was critical in executing on the development opportunities identified. Apotek Hjärtat developed into a leading, national business with industry leading margins and was acquired by ICA in February of 2015. Over 100 new pharmacies were acquired or established greenfield by Apotek Hjärtat 2010-2015, bringing the total number to more than 300.

Board members:

Sören Mellstig (Chairman) Fredrik Strömholm (lead partner while at Altor Equity Partners)


Pharmacy operations (retailing)

2014 turnover:

SEK 9.5 bn

No. of employees:

c.2,700 FTEs 2014


Anders Nyberg