Complete design and build-up of finance and treasury for Apoteket Hjärtat


After the Swedish pharmacy monopoly was deregulated in 2009, pharmacies across the country were put up for auction. Our client Altor Equity Partners pursued an involvement in this new business and established Apoteket Hjärtat. Capacent’s assignment was to support the buildup of an efficient finance operation to support a retail group of 230 stores operating in a highly competitive landscape. Since this had previously been a strictly regulated industry, the Apoteket Hjärtat project entailed a number of challenges.

What we did.

The project started in mid-August 2009 with a detailed analysis of requirements and preparation for vital procurements. It continued with the actual process development for the various functions and streams. During the first quarter of 2010, the project entered a management phase focusing on the accuracy of the different functionalities and competencies of recruited staff. Setting up a finance and accounting system, banking services, audit and tax services and a suitable management reporting tool were priority issues during the procurement phase. With these in place, the full system implementation could commence, supervised by us. Finance administration was the next big focus, including the outsourcing process, management of account payables and receivables, the profile requirements for new staff recruitment and more.

Capacent took an active role in the interim management team during the entire course of the project, until a permanent CFO was recruited and fully installed. Great attention was paid to policies and guidelines in order to facilitate the transfer of responsibility to the new-born organization. And we didn’t quit until the job was done.


Our involvement resulted in the creation and implementation of finance and control functions on a tight schedule – from scratch to fully-functioning organization.

Apoteket Hjärtat obtained a reporting system that exceeded the stakeholders’ high expectations, including a balanced scorecard from the CEO level down to the individual pharmacies. A well planned outsourcing setup was implemented along with easy-to-use business drivers based on a top-down budgeting and forecasting process.

Apoteket Hjärtat is now the second largest player in the deregulated Swedish pharmacy market.

Do you want to know more?

Please contact Edvard Björkenheim

Telephone: +46 76 001 58 01