London-based private equity manager Alta Semper Capital LLP is investing $18m in a partnership with leading Nigerian pharmacy chain HealthPlus Ltd.
The Nigerian retail pharmacy sector is large but highly fragmented, comprising mostly independent pharmacies. Much of the formal healthcare infrastructure is limited to major cities and most retail sales across the country are made through informal markets. Counterfeit pharmaceuticals can be found in over 40% of the market. There is a demand for affordable and accessible healthcare and Alta Semper’s investment will allow HealthPlus to help supply it.
HealthPlus was founded in 1999 by Mrs Bukky George, who will remain CEO of the company. HealthPlus has 80 retail branches across 11 of Nigeria’s 36 states and employs over 700 people, including 150 pharmacists. HealthPlus provides a range of healthcare products and services, including prescription and OTC medicine, nutritional supplements, personal care products, baby food, mobility aids, and pharmacy services.
The investment from Alta Semper will enable HealthPlus to expand its reach across Nigeria, invest in more stores and more staff and develop its regional distribution network. Mrs George says of the investment, “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.”
Alta Semper was founded in 2015. It focuses on consumer and healthcare opportunities in Africa. In 2017, it invested an undisclosed amount into Egypt’s Macro Pharmaceuticals. The partnership with HealthPlus marks its first investment in Nigeria. Alta Semper believes in long term investments and specifically targets high growth business models.
