KENYA – IBL Group, a Mauritian business group for investment, has acquired a majority stake in Nairobi-based pharmaceuticals distributor Harley’s as part of a consortium that has taken control of the company.
Proparco, a subsidiary of the French Development Agency (AFD) was IBL’s partner in the consortium.
Completion of the transaction is subject to certain conditions precedent, including receipt of relevant regulatory approvals and satisfaction of all legal requirements.
“I am pleased that this transaction has finally come to fruition after close collaboration between HealthActiv and the Harley’s team,” said Arnaud Lagesse, Group CEO of IBL.
“As the company is established in three different East African countries, this new acquisition is in line with our ‘IBL Beyond Borders’ strategy.
“Its founders remain by our side to continue to develop activities in the region. I would like to thank all the people who participated in the realization of this project.”
Based in Nairobi’s Westlands, Harley’s is a leading medical and pharmaceutical import-distributor in East Africa.
Its products include drugs, hospital beds, intravenous poles, bedside cabinets, examination beds, delivery beds and stainless-steel buckets.
The company’s suppliers include Bayer, GlaxoSmithKline, Merck and Roche. It has offices and stock points in five locations: Nairobi (Central), Mombasa (Coast), Eldoret (Western), Dar es Salaam (Tanzania) and Kampala (Uganda).
“At Harley’s, we are excited about forging this successful partnership with IBL. We are confident the values and strategic objectives of IBL are fully aligned with ours and we believe this partnership will propel us to the next phase of growth,” Dr Rupen Haria, the managing director of Harley’s, said.
“The operations of the company will continue to be managed by the experienced team at Harley’s and we thank the respective teams for getting this transaction over the line. The future looks bright.”
Harley’s started operations in 1953 as a retail chemist. It was acquired by its current management in 1975.
Harley’s employs 700 professionals across its regional operations.
“We are very proud to support, under the leadership of the IBL Group, Harley’s and more generally the development of the pharmaceutical and health sectors in East Africa, which we believe are essential to the development of the region,” said Damien Braud, Head of Private Equity Africa and Middle East at Proparco.
“Harley’s is a historic player in the pharmaceutical sector, with a strong impact on the people of Kenya, Tanzania and Uganda, and we have full confidence in its management and its talented employees to continue to distribute high quality medicines and services in East Africa.”
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