Chemist Warehouse bosses instant millionaires thanks to Sigma merger

Chemist Warehouse’s merger with Sigma in February created a $34bn company and most of the shares are owned by suburban pharmacists now worth millions, financial records show.

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They are the dozen qualified pharmacists sharing in a $20bn stock fortune from one of the biggest wealth-creating deals in Australian corporate history.

From billionaires to regional and international managers and operators of busy city-based pharmacies, there are 12 Chemist Warehouse executives and founders who own at least $165m in Sigma Healthcare stock, documents show.

All as a result of the blockbuster $34m merger with ASX-listed Sigma Healthcare in February, a reverse takeover that revealed hidden fortunes of the names behind the huge and previously private Chemist Warehouse retail success story.

Chemist Warehouse co-founders Jack Gance, his brothers Sam, and Mario Verrocchi sit atop the Sigma shareholder table, with more than $16bn in share wealth between them.

But underneath them are a host of little-known chemist operators turned executives who are also now sitting on vast share fortunes as Chemist Warehouse emerges as the new billionaires’ factory on the ASX.

Chemist Warehouse’s China division chief executive, Nancy Jian, has risen from holding an intern pharmacist position in Melbourne 20 years ago to now having shares wealth of about $255m.

Jian was one of several ­Chemist Warehouse executives who travelled to Sydney in February for the ringing of the bell ceremony to mark the merged entity’s first trading day on the ASX.

“When I first began my pharmacy studies two decades ago, my dream was simple – to own a pharmacy,” Jian, who earned a Bachelor of Pharmacy from Melbourne’s Monash University, wrote on LinkedIn. “As an intern, I thought, how incredible would it be to one day own a pharmacy within this giant group?”

She said she was “overwhelmed with gratitude” for being part of one of the biggest initial public offerings in Australian history, adding: “Reflecting on our path, I’m reminded of our CEO Mario Verrocchi’s words: ‘Let’s work in silence and let our success be our noise and let this whole industry be screaming, What the Sigma!’ ”

Chemist Warehouse China division boss Nancy Jian rings the bell with co-founder Mario Verrocchi as the firm is listed on the ASX.

Chemist Warehouse now has 11 outlets in China, according to Sigma’s recent presentation to the Macquarie conference in Sydney, and has long had a significant online sales presence there. Jian is also listed as having the licence for three Chemist Warehouse stores in Victoria.

Sunil Narula, the state manager of Chemist Warehouse in Western Australia, has shares worth about $495m as the ninth-largest individual shareholder in Sigma, according to the company’s annual report released late this week.

Perth-based Narula has worked at Chemist Warehouse since 1989, according to his LinkedIn profile. He graduated from the Victorian College of Pharmacy with a Bachelor’s degree in 1992.

Azman Haroon is the boss of Chemist Warehouse in New Zealand, where it now has 56 outlets. His stock in Sigma is worth about $190m, just above that of board member and executive director Danielle Di Pilla at $180m.

Di Pilla is also a pharmacist and sister of HMC Capital managing director David Di Pilla, credited with the idea behind the structure that brought Sigma and Chemist Warehouse together. She is also the founder of the Goat Soap brand (now owned by Chemist Warehouse), and is an executive director and chief people officer at Chemist Warehouse.

Chemist Warehouse board member Danielle Di Pilla is a big Sigma shareholder. Picture: John Appleyard

Claudio Avendalo, who has the licence for five Chemist Warehouse stores in Melbourne’s CBD, is also among the top 20 shareholders of Sigma, according to its annual report.

Avendalo’s stake is worth about $165m.

Other big shareholders include Mario Tascone, who has been chief operating officer and has a Sigma stake worth $440m, and brothers Adrian and Marcello Verrocchi – respectively the chief marketing and media officer of Chemist Warehouse

They are both owners of shares worth about $940m in Sigma, and also debuted this year on The List – Australia’s Richest 250, published by The Australian in late March.

Chemist Warehouse contributed four billionaires to The List, co-founders Jack and Sam Gance and Mario Verrocchi, and executive director Damien Gance.

Damien Gance has sold about $800m in Sigma shares since it merged with Chemist Warehouse in February Picture: Stuart McEvoy

The latter Gance has sold about $800m worth of Sigma shares since the February listing, but retains a stake of about $401m. His was the first Chemist Warehouse franchise in 2000.

Mario Verrocchi’s shareholding is worth about $7.66bn, while Jack and Sam Gance have stakes of $4.74bn and $4.26bn respectively.

The dozen Chemist Warehouse executives also shared in about $480m cash as part of their company’s merger with Sigma as part of the terms of the deal that was finalised in February.

Originally published as Chemist Warehouse bosses instant millionaires thanks to Sigma merger