Richlisters sell pharmacy group for millions
QUEENSLAND rich-listers Cathie Reid and Stuart Giles are stepping back from the billion-dollar health empire they founded more than 20 years ago to focus on investments in the tech sector.
After more than two decades at the helm of the Icon and Epic groups, the power couple who met as young university pharmacy students in the 1980s say the time has come for them to pass the baton.
Ms Reid told The Courier-Mail that the couple will step back from the day-to-day management of group and sell the majority ownership of their chain of 28 privately-owned pharmacies to business partner David Slade for an undisclosed sum.
"As you can imagine, this isn't a decision Stuart and I have made lightly," Ms Reid said.
"We started our working lives as pharmacists and I have been working in a pharmacy since I was 15. We are both filled with gratitude and appreciation for the industry that has provided us with so many opportunities."
Ms Reid said the couple would set up a "family office" called Arc31 to manage their investments outside of the Icon Group, with a particular focus on the tech sector. The couple are already big investors in US-based business matching firm Hello Alice and Israeli-based crowdfunding platform OurCrowd.
She said as their children Sascha and Sam grow up, the couple are also now looking to travel overseas more and spend time on philanthropic interests.
"Our first child Sascha was just a baby when we started the business, and now as she is about to move to London to take up her university position," Ms Reid said. "So it's time for our 'business baby' to also fly the nest."
"We anticipate (once COVID restrictions permit) that her move will see us spending an increasing amount of time overseas, which will be further magnified when our son Sam completes his high school education. And who knows, I might even get started on that book that has been mooted for a few years now."
Ms Reid is also planning to go into space as one of the world's first space tourists with Virgin Galactic in the next couple of years. The space trip was a Christmas gift from Mr Giles whose interests span more down to earth pursuits such as fitness and running.
The 50-year-old recently won the coveted six star marathon medal for completing in the world's six major marathons - New York, Boston, London, Berlin, Chicago, and Tokyo.
Originally published as Richlisters sell pharmacy group for millions