Alta Semper Capital, a UK-based private equity firm, has announced an investment of $18 million with HealthPlus Limited, a Nigerian retail pharmacy chain.
The company in a statement said the investment is to enable HealthPlus to continue to expand its store footprint, invest in market-leading human talent, develop regional distribution centres in commercial hubs across Nigeria, as well as selectively explore private label and e-commerce initiatives.
“Alta Semper, a private equity manager investing flexible and strategic capital across select African growth markets, announced today a partnership with Nigeria’s leading retail pharmacy chain HealthPlus. 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.
Alta Semper specifically invests into market-leading businesses in defensive sub-sectors within the consumer and healthcare verticals,” the statement dated on 27 March, 2018 and signed by Afsane Jetha, Managing Partner & CEO of Alta Semper, said.
The investment into HealthPlus will also allow the company to capture the pent-up demand for high-quality yet affordable healthcare and professional beauty supplies by developing regional distribution centres in commercial hubs across Nigeria, rapidly expanding the company’s footprint across Nigeria, as well as developing a wholesale channel and investing in private label and e-commerce, the release added.
Bukky George, Founder and Chief Executive Officer of Health Plus, said that the London firm is the right partner for his company’s 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,” he said.
The capital injection for Health Plus is the company’s second investment in the continent’s health sector, following a similar deal with Egypt’s Macro Pharmaceuticals in 2017.
HealthPlus Limited is Nigeria’s leading retail pharmacy and beauty chain, with approximately 80 locations across the West African country.