Following a successful turnaround under the control of TR Capital, Vietnam's leading modern retail pharmacy chain has reached full profitability and is entering its next phase of institutional growth.

在TR Capital控股下成功实现扭亏为盈后，越南领先的现代零售药房连锁企业已全面盈利，并正迈入下一阶段的机构化增长。

Ho Chi Minh City, Vietnam (ANTARA/ACN Newswire) -

越南胡志明市（ANTARA/ACN Newswire）——

TR Capital, a leading secondary private equity investor, today announced that its portfolio company, Pharmacity, is raising growth capital from LeapFrog Investments, a global private equity firm focused on healthcare and financial services in emerging markets. The transaction marks an important milestone in Pharmacity’s development and reflects continued investor interest in Vietnam’s consumer healthcare sector.

私募股权二级市场领先投资者TR Capital今日宣布，其被投企业Pharmacity正从专注于新兴市场医疗与金融服务的全球私募股权公司LeapFrog Investments处募集成长资本。此次交易标志着Pharmacity发展的重要里程碑，也反映出投资者对越南消费医疗领域的持续看好。

Under the leadership of Deepanshu Madan, Partner at TR Capital, who stepped in as CEO to lead the turnaround of the company, Pharmacity has delivered strong operating performance over the past two years, positioning the business for its next stage of growth..

在 TR Capital 合伙人 Deepanshu Madan 出任 CEO 并带领公司实现业务转型的领导下，Pharmacity 在过去两年中取得了强劲的运营业绩，为公司下一阶段的增长奠定了坚实基础。

Founded in 2011, Pharmacity was among the first companies to scale the modern pharmacy retail model in Vietnam. Today, it is one of the country’s largest pharmacy chains, with a nationwide network of more than 1,100 stores across major urban centres as well as Tier II and Tier III cities. The company serves nearly 19 million loyal customers and offers a portfolio of more than 7,000 active products, supported by technology-enabled operations and a disciplined supply chain platform..

成立于2011年，Pharmacity是越南首批规模化推行现代药房零售模式的企业之一。如今，它已成为该国最大的药房连锁企业之一，在全国主要中心城市及二三线城市拥有超过1100家门店的全国性网络。该公司服务近1900万忠实客户，提供逾7000种在售产品，其运营全面依托技术赋能体系与规范高效的供应链平台提供支撑。

Operational Turnaround and Growth Momentum

经营好转与增长势头

The transaction follows a multi-year value creation journey under the stewardship of TR Capital and a sustained improvement in operating performance. Pharmacity achieved EBITDA profitability in the fourth quarter of 2025, and that momentum continued into the first quarter of 2026. The business has also improved unit economics and store selection discipline, with more recent store cohorts progressing toward EBITDA breakeven..

此次交易是在TR Capital的主导下历经多年价值创造，且经营业绩持续改善之后达成的。Pharmacity于2025年第四季度实现EBITDA盈利，且这一势头延续至2026年第一季度。公司的单店经济模型与选址纪律亦得到优化，近期新开门店正逐步迈向EBITDA盈亏平衡。

In the first quarter of 2026, Pharmacity recorded more than 35% year-on-year revenue growth and more than 20% same-store sales growth. The company added 140 new stores in 2025 and plans to continue expanding its footprint over the coming years.

2026年第一季度，Pharmacity营收同比增长超过35%，同店销售额增长超过20%。该公司在2025年新增140家门店，并计划在未来几年继续扩大其业务布局。

In addition to its retail pharmacy operations, Pharmacity is expanding its healthcare offering through preventive health consultations, diagnostics, and pharmacy benefits management, with the objective of building a broader consumer healthcare platform.

除零售药房业务外，Pharmacity正通过预防性健康咨询、诊断服务及药品福利管理拓展其医疗保健业务，旨在构建一个更广泛的消费者健康平台。

Paul Robine, Founder and CEO of TR Capital, said: “When TR Capital made its investment in Pharmacity, we saw a compelling opportunity to support the development of a modern, scaled pharmacy platform in Vietnam. Since then, we have undertaken a meaningful operational transformation, supported by stronger governance, sharper execution, and a clear focus on profitability.

TR Capital创始人兼首席执行官保罗·罗宾表示：“当TR Capital投资Pharmacity时，我们看到了一个极具吸引力的发展机遇，能够支持在越南打造现代化、规模化的药房平台。自那以来，在更完善的治理结构、更高效的执行力以及明确聚焦盈利能力的推动下，我们已开展了实质性的运营转型。”

LeapFrog’s investment is an important endorsement of Pharmacity’s progress and positions the company well for its next phase of growth.”.

“LeapFrog的投资是对Pharmacity发展成果的重要认可，也为公司下一阶段的增长奠定了良好基础。”

Deepanshu Madan, CEO of Pharmacity and Partner at TR Capital, said: “Our ambition is to be the most trusted pharmacy brand in Vietnam. Over the past two years, we have invested substantially in our people, systems, store standards, and customer proposition. Achieving profitability in the fourth quarter of 2025 was an important milestone for the business.

Pharmacity首席执行官兼TR Capital合伙人迪潘舒·马丹表示：“我们的目标是成为越南最受信赖的药房品牌。过去两年里，我们在人才、系统、门店标准以及客户价值主张方面进行了大量投入。2025年第四季度实现盈利，对公司而言是一个重要的里程碑。”

With LeapFrog’s support, we look forward to expanding our reach, strengthening our service offering, and continuing to improve access to high-quality healthcare across Vietnam.”.

“在LeapFrog的支持下，我们期待扩大服务覆盖范围，强化服务能力，并持续提升越南各地高质量医疗服务的可及性。”

LeapFrog Investments brings relevant sector experience to Pharmacity’s next phase of development, drawing on its track record of investing in healthcare and essential services businesses across emerging markets.

LeapFrog Investments 依托其在新兴市场投资医疗与基础服务企业的过往业绩，为 Pharmacity 的下一阶段发展带来了相关领域的专业经验。

The transaction also underscores the increasing relevance of Vietnam’s consumer healthcare market within the broader Southeast Asian private equity landscape.

该交易也凸显了越南消费医疗市场在更广泛的东南亚私募股权格局中日益重要的地位。

About TR Capital

关于TR资本

TR Capital is a secondary private equity investor, providing bespoke liquidity solutions through single-asset and portfolio transactions. The firm invests in businesses across the technology, next-generation consumer, and healthcare sectors in Asia and the US.

TR Capital是一家私募股权二级市场投资者，通过单一资产与投资组合交易提供定制化流动性解决方案。该公司在亚洲和美国投资科技、新一代消费及医疗健康领域的企业。

Since its inception in 2007, TR Capital has closed five flagship funds, with total capital commitments of approximately US$1.5 billion, and has completed close to 60 secondary investments. The firm’s investor base includes sovereign wealth funds, pension funds, asset managers, entrepreneurs, and family offices globally.

自2007年成立以来，TR Capital已完成五支旗舰基金的募集，总承诺出资额约15亿美元，并完成了近60笔二手份额投资。该公司的投资者群体涵盖全球的主权财富基金、养老基金、资产管理机构、企业家及家族办公室。

TR Capital integrates environmental, social, and governance considerations throughout the investment lifecycle under its Responsible Investment Policy..

TR Capital 在其负责任投资政策下，将环境、社会及治理（ESG）考量贯穿于整个投资生命周期。

For more information visit

欲了解更多信息，请访问

https://www.tr-capital.com/

https://www.tr-capital.com/

.

。

About Pharmacity

关于 Pharmacity

Pharmacity is a pharmacy retail chain in Vietnam focused on improving access to quality healthcare products and pharmaceutical services nationwide. With more than 1,100 pharmacies and nearly 19 million loyalty customers, the company combines scale with standardized pharmacy practices, technology-enabled supply chain management, and medicine storage protocols..

Pharmacity是越南的一家药店零售连锁企业，致力于在全国范围内提升优质医疗产品与药学服务的可及性。凭借逾1100家门店和近1900万忠诚客户，该公司将规模化经营与标准化药房管理、技术赋能的供应链体系以及药品存储规范相结合。

For more information, visit

如需更多信息，请访问

https://www.pharmacity.vn/

https://www.pharmacity.vn/

.

。

Contact details:

联系方式：

ir@tr-capital.com

ir@tr-capital.com

Reporter: PR Wire

记者：PR通讯社

Editor: PR Wire

编辑：PR Wire

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