Nigerian-owned HealthPlus, dubbed West Africa’s leading retail pharmacy chain has partnered with London-based private equity manager Alta Semper Capital.
According to BusinessWire, “Under the terms of the agreement, Alta Semper is investing US$18 million into HealthPlus, which will enable the company to expand its retail footprint and enhance its competitive position.”
The partnership is Alta Semper’s first investment in Nigeria.
HealthPlus founded by Bukky George, a UK-trained pharmacist, in 1999, provides healthcare products such as prescription and over-the-counter medicines, nutritional supplements, natural remedies, home medical equipment, mobility aids and pharmacy services.
Commenting on the investment, George, who is HealthPlus’ CEO, said:
We believe Alta Semper is the right partner for our next stage of growth. Alta Semper’s focus on the healthcare sector, as well as its ability to invest patient and flexible capital, will allow us to grow strategically across Nigeria and further our mission to provide high quality and affordable healthcare products and services to a market that is large and growing. Our vision is to be Africa’s #1 for pharmacy, wellness and beauty. We believe we have found a partner who can help us achieve this goal over the coming years.
Managing Partner & CEO of Alta Semper Afsane Jetha said about the investment:
We are very excited about our partnership with HealthPlus, a remarkable example of a homegrown company that has become one of the largest specialty retailers in West Africa. We believe HealthPlus is well-positioned to take advantage of the grossly under-penetrated Nigerian pharmacy retail market and meet the growing demands of Nigerian consumers, as well as to expand regionally into neighbouring countries.
We believe that this is an opportune time to enter the Nigerian retail market and invest into a market-leading player such as HealthPlus, which presents a unique risk-adjusted entry strategy, given its existing size and geographic scope. We are looking forward to working closely with Bukky George and her team to further unlock the Company’s growth potential.