NAIROBI, Kenya, Feb 15 – A South African company has acquired a majority stake in one of Kenya’s leading pharmaceutical and medical distributor.
Imperial Holdings is set to pay Sh3.6 billion for 70 percent in Surgipharm pending regulatory approvals.
The Chief Executive of Imperial Holdings Mark Lamberti says the acquisition will accelerate the holding company’s industry presence and relationships with pharmaceutical principals in Africa.
“Our entry into pharmaceutical distribution in Kenya is also opportune, at a time where there is GDP growth, rising income levels and a rising middle class in the region,” said Lamberti.
The company said the transaction is in line with African growth strategy to be a significant route-to-market partner of multi-national companies in the consumer goods and pharmaceutical sectors in Southern, East and West Africa.
“Surgipharm also complements Imperial’s prior acquisitions in the pharmaceutical sector being Imperial Health Sciences, Eco Health (Nigerian pharmaceutical distributor) and Imres (Netherlands-based pharmaceutical wholesaler),” said the company in a statement.
Surgipharm, which directly supplies products to the Ministry of Health, parastatals, hospitals and other medical organizations, has a workforce of 330 employees with an annual turnover of Sh7 billion.
Imperial has expressed confidence in Surgipharm’s management team stating Dr. Vijai Maini will continue as the Managing Director, while Vipin Shah and Rakesh Vinayak will continue as Directors.
“Surgipharm’s highly specialised and experienced management team, and its relationships with multinational pharmaceutical companies complements and strengthens Imperial’s existing skill set in logistics on the continent. We are excited about the prospects that this acquisition brings,” said Lamberti.