Verod Capital has acquired a minority stake in MedPlus, one of Nigeria’s largest pharmaceutical retail chains, for an undisclosed amount.
Nairametrics was informed about the deal from a reliable source with knowledge of the transaction who preferred anonymity as they were not authorized to disclose. The source did not also disclose what percentage of ownership was acquired from MedPlus.
Both companies are expected to issue official press releases about this deal in the next few days.
MedPlus was founded by Joke Bakare and started operations in 1993 as the first-ever retail pharmaceutical company in Nigeria. It currently boasts 79 outlets around the country and has rapidly expanded its operations in recent years.
Verod Capital is one of the most active private equity firms in Nigeria with investments in healthcare, insurance, education, agriculture, etc. Verod Capital also has a stake in Emzor Pharmaceuticals.
This is a developing story…
About MedPlus
Medplus is the pioneer and largest Nigerian pharmaceutical retail business, with about three decades of successful operations.
- Medplus offers a robust product portfolio, retailing a variety of essential drugs, beauty products, and everyday household items, through its e-commerce platform and across over 79 stores, to a large and growing consumer base.
- Medplus is a widely recognised brand with a reputation for genuine products and professional service.
About Verod Capital
Verod Capital is a leading African investment management firm that focuses on high-growth businesses in Anglophone West Africa, particularly Nigeria and Ghana – through its private equity funds – and on early-stage tech-enabled businesses in Nigeria and the rest of Africa – through its venture capital fund (Verod-Kepple Africa Ventures).
- Verod’s private equity arm manages over $360 million in assets and has invested in over 20 middle-market high-growth companies across 3 funds.
- Verod’s private equity funds invest in a range of industries including consumer products and services, education, agriculture, financial, and business services with investments ranging from US$10 million to US$25 million.
- The venture capital fund focuses on investments in FinTech, EdTech, Logistics, and HealthTech with investments ranging from US$150,000 to US$7.5 million.
