NIGERIA – Verod Capital Management Limited, a West African investment and financial advisory boutique, has acquired a significant minority equity stake in Medplus Limited, one of Nigeria’s largest pharmaceutical retail chains.
Founded in 2008, Verod Capital is a leading African investment management firm that focuses on high-growth businesses in Anglophone West Africa especially Nigeria and Ghana through its private equity funds
It is one of the most active private equity firms in Nigeria with investments in healthcare, insurance, education, agriculture and a stake in Emzor Pharmaceuticals.
The investment in Medplus provides growth capital needed to accelerate Medplus’ expansion plans which would enhance the provision of high-quality product portfolio across Nigeria while contributing to the development of the healthcare sector.
The investment was funded by the latest Verod Capital Growth Fund III and it is part of its broader strategy to ease access in the healthcare sector and provide affordable services.
Medplus is the pioneer Nigerian pharmaceutical retail business offering a robust product portfolio, retailing a variety of essential drugs, beauty products and everyday household items through its e-commerce platform.
The investment will allow the pharmaceutical retail business Medplus to expands its network of stores across Nigeria as it currently has over 79 stores with a large and growing consumer base.
It will also deepen Medplus’ digital channel to continue providing quality products to its client base and developing new opportunities for growth in Nigeria’s pharmaceutical sector.
Moreover, partnership with the Nigerian pharmaceutical giant will promote growth in the pharmaceutical industry while addressing the growing demand for convenient, reliable, efficiency and accessible care by end-consumers.
Medplus Founder Mrs. Joke Bakare acknowledged that Verod Capital has extensive experience supporting the development of companies adding that the acquisition would leverage their resources, network and insights to help Medplus execute its strategic growth strategy.
“With the fast-growing urban population, increasing healthy lifestyle and consciousness, there is need for better verification of pharmaceuticals to address counterfeit drugs and gain favorable regulatory support,” highlighted Mrs. Joke Bakare.
She added that Medplus is well positioned for future growth in a large growing underserved market through its targeted store expansion plans and its digital retail strategy.
Verod Capital will further support Medplus expansion plans in the traditional and digital channels as well as in ancillary services like nutritional, wellness services and providing best-in-class environmental, social and governance practices.
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