Following an earlier report by Nairametrics on the acquisition of a minority stake in Medplus Limited (Medplus) by Verod Capital Limited Management, the private equity firm has confirmed that it has indeed completed the acquisition of a significant minority equity stake in the Nigerian pharmaceutical retail business.
According to a press release by the company seen by Nairametrics, the investment is from its latest Fund, Verod Capital Growth Fund III, and is part of its broader strategy to deepen access and affordability in the healthcare sector.
Verod Capital also stated that the investment provides the growth capital needed to accelerate Medplus’ expansion plans, which would enhance the provision of a high-quality product portfolio across Nigeria and contribute to the development of the healthcare sector.
What they are saying about the acquisition
Joke Bakare, founder and Chief Executive Officer of Medplus expressed delight in the new partnership, noting that the deal will help to create more opportunities in the health sector.
She said, “We are pleased to have Verod Capital as a partner and look forward to working with their team to expand our network of stores across Nigeria and deepen our digital channel to continue providing quality products to our customers and developing new opportunities for growth in Nigeria’s pharmaceutical sector.
“Verod Capital has extensive experience supporting the development of companies including providing best-in-class environmental, social and governance practices, and we are confident that their resources, network and insights will help us in executing on our strategic growth strategy. We also thank Stanbic IBTC Capital Limited for guiding us efficiently and strategically through this process.”
Eric Idiahi, Partner at Verod Capital said, “We believe in the company’s growth potential and are thrilled about its expansion plans in the traditional and digital channels and in ancillary services, i.e. nutritional and wellness services.
“We are excited about the opportunity to partner with the team at Medplus in a joint mission to increase healthcare accessibility, reliability and efficiency, and also to contribute to the continued success story of the company.”
